Autozi Internet Technology, a leading Beijing-based company in China, has recently revised its terms for its upcoming IPO. Initially aiming to raise $23 million, the company is now targeting to raise just $6 million by offering 1.3 million shares at a price range of $4 to $5. If the midpoint of this range is reached, the company will have a market value of $467 million. This represents only 1.2% of the basic shares outstanding.
Founded in 2010, Autozi offers automotive products and services through both online and offline channels in China. The company’s 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.
Despite the adjustment in its IPO fundraising goals, Autozi remains a significant player in the automotive market in China. With a strong track record of generating revenue – having made $114 million in the 12 months ending September 30, 2023 – Autozi provides consumers with a wide range of products and services.
Autozi Internet Technology plans to list on the Nasdaq under the symbol AZI. Tiger Brokers and Kingswood Capital Markets are serving as joint bookrunners for this IPO.