Revised Autozi Internet Technology IPO Plans Aim for $6 Million in Funding, Significantly Lower Than Previous Attempt

Autozi Internet Technology, a company based in Beijing, China, specializes in selling parallel import cars and auto parts. Recently, the company updated its IPO terms to raise $6 million by offering 1.3 million shares at a price range of $4 to $5. This would give the company a market value of $467 million at the midpoint. The IPO float represents just 1.2% of the basic shares outstanding, which is significantly lower than their previous IPO attempt in August 2023 when they aimed to raise $23 million with a market cap of $484 million.

The revised terms indicate that the company will raise only 75% as much proceeds compared to their initial plan, indicating that they have scaled back their ambitions. The business of Autozi Internet Technology is focused on providing automotive products and services through both online and offline channels in China. Their segments include new car sales, auto parts and accessories sales (mainly lubricating oil), and automotive insurance-related services.

Having been founded in 2010, Autozi Internet Technology reported $114 million in revenue for the 12 months ended September 30, 2023. They are planning to list on the Nasdaq under the symbol AZI with Tiger Brokers and Kingswood Capital Markets serving as joint bookrunners on the deal. Despite this setback, Autozi Internet Technology remains optimistic about its future growth prospects and hopes that this IPO will pave the way for further expansion into new markets beyond China’s borders.