Autozi Internet Technology Revisits IPO Plan to Raise $6 Million in Funds for Market Expansion

Autozi Internet Technology, a Beijing-based company that specializes in selling parallel import cars and auto parts, recently announced a revised IPO plan. The company now plans to raise $6 million by offering 1.3 million shares at a price range of $4 to $5. With this move, the company’s market value will be approximately $467 million at the midpoint.

Previously, in August 2023, Autozi Internet Technology had set its IPO terms with an aim to raise $23 million and achieve a market cap of $484 million. However, the company has since revised its terms to only raise 75% less in proceeds. Despite this decrease, the company’s operations remain diverse as it operates in various business segments including new car sales (mainly parallel import cars), auto parts and accessories sales (with a focus on lubricating oil), and automotive insurance related services.

Established in 2010, Autozi Internet Technology has generated revenue of over $114 million for the 12 months ended September 30, 2023. The company plans to list on the Nasdaq under the symbol AZI with Tiger Brokers and Kingswood Capital Markets serving as the joint bookrunners for the deal.