Autozi Internet Technology, a company based in Beijing, China, has revised its terms for its upcoming IPO. Initially planning to raise $23 million, the company 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.
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 generating $114 million in revenue for the 12 months ending on September 30, 2023, the company plans to list on the Nasdaq under the symbol AZI with Tiger Brokers and Kingswood Capital Markets serving as joint bookrunners for the IPO.
The revised terms of the IPO will result in Autozi raising only a fraction of what it originally planned to achieve compared to its initial IPO attempt in August 2023. However, despite this adjustment, Autozi remains a significant player in the automotive market in China, offering a variety of products and services to consumers.