Autozi Internet Technology, a Beijing-based company specializing in selling parallel import cars and auto parts, has announced revised terms for its upcoming IPO. Originally 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, Autozi would have a market value of $467 million. This IPO float represents just 1.2% of the basic shares outstanding.
The company generates revenue primarily through online and offline channels in China and offers automotive products and services including new car sales, focusing on parallel import cars, as well as sales of auto parts such as lubricating oil and automotive insurance related services.
Founded in 2010, Autozi has generated over $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 joint bookrunners Tiger Brokers and Kingswood Capital Markets.
Despite reducing its initial IPO target by 75%, Autozi remains a significant player in China’s automotive market due to its wide range of products and services offered to consumers.
Autozi’s business segments include new car sales which primarily focus on parallel import cars, as well as sales of auto parts such as lubricating oil, and automotive insurance related services. Founded in 2010 by Zhang Xinning and Liu Jingjie, the company has grown rapidly over the years due to its unique approach towards selling parallel import cars that are popular among Chinese consumers.
The revised IPO terms mean that Autozi will only be raising a fraction of what it initially intended, but it still remains an important player in China’s automotive market. With its extensive product offerings and strong customer base, Autozi is likely to continue growing in popularity among Chinese consumers looking for high-quality automotive products and services at competitive prices.
In conclusion, Autozi Internet Technology is a Beijing-based company specializing in selling parallel import cars and auto parts. Despite reducing its initial IPO target by 75%, the company remains an important player in China’s automotive market due to its extensive product offerings and strong customer base. With continued growth expected among Chinese consumers looking for high-quality automotive products and services at competitive prices, Autozi is poised for success in the future.
