Autozi Internet Technology, a company based in Beijing, China, specializes in selling parallel import cars and auto parts. Recently, the company revised its terms for its upcoming IPO. Initially planning to raise $23 million, Autozi now aims to raise $6 million by offering 1.3 million shares at a price range of $4 to $5. At the midpoint of this range, the company would have a market value of $467 million. This IPO float represents just 1.2% of the basic shares outstanding.
The company offers automotive products and services through both online and offline channels in China. The business segments include new car sales, primarily focusing on parallel import cars, as well as sales of auto parts such as lubricating oil, and automotive insurance related services. Founded in 2010, the company generated $114 million in revenue for the 12 months ending on September 30, 2023.
Despite facing an adjustment that resulted in raising only 75% less proceeds compared to its initial IPO attempt in August 2023 due to revised terms of the IPO, Autozi remains a significant player in the automotive market in China offering a variety of products and services to consumers under the symbol AZI with Tiger Brokers and Kingswood Capital Markets acting as joint bookrunners for this unique opportunity.
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