Autozi Internet Technology Revises IPO Terms, Raises $6 Million in Revenue for Luxury Car and Part Sales

Beijing-based Autozi Internet Technology, a company that specializes in the sale of parallel import cars and auto parts, has announced a revision to its terms for an upcoming IPO. The company now aims to raise $6 million by offering 1.3 million shares at a price range of $4 to $5, which will result in a market value of $467 million at the midpoint. This IPO float represents just 1.2% of the basic shares outstanding, significantly lower than its previous IPO attempt in August 2023 when it planned to raise $23 million at a market cap of $484 million.

Founded in 2010, Autozi Internet Technology operates in the automotive industry and provides products and services through both online and offline channels in China. The company’s business segments include new car sales, primarily parallel import cars, auto parts and accessories sales, focusing on lubricating oil, and automotive insurance related services. In the past year, Autozi generated $114 million in revenue.

The company plans to list on the Nasdaq under the symbol AZI with Tiger Brokers and Kingswood Capital Markets serving as joint bookrunners on the deal.