Revised IPO Terms for Autozi Internet Technology: A Big Player in the Chinese Automotive Market.

Autozi Internet Technology, a Beijing-based company, specializes in selling parallel import cars and auto parts. Recently, the company announced changes to its IPO terms. Originally planning to raise $23 million by offering 1.3 million shares at a price range of $4 to $5, Autozi now aims to raise just $6 million by offering 1.3 million shares at a price range of $4 to $5. This means that the company will have a market value of $467 million at the midpoint of this range. This represents only 1.2% of the basic shares outstanding.

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.

Founded in 2010, the company generated $114 million in revenue for the 12 months ending on September 30, 2023. Despite recent changes to its IPO terms, Autozi remains a significant player in the automotive market in China.

The revised terms of the IPO mean that Autozi will be raising only 75% less than its initial IPO attempt in August 2023. Tiger Brokers and Kingswood Capital Markets are the joint bookrunners for the IPO.

In summary, Autozi Internet Technology is a major player in the automotive market in China with its wide range of products and services offered both online and offline through multiple channels. Despite changes to its IPO terms resulting in lower proceeds compared to its initial attempt, it remains significant player with revenue generated over $100 million per year .