Autozi Internet Technology, a Beijing-based company, specializes in the sale of parallel import cars and auto parts. Recently, the company announced that it is raising the size of its upcoming IPO. Initially planning to offer 1.3 million shares at a price range of $4 to $5, Autozi Internet Technology is now targeting to raise $11 million by offering 2.5 million shares. This increase means that the company will generate 100% more in proceeds than previously anticipated. The IPO float will represent just 2.4% of basic shares outstanding.
Autozi Internet Technology provides automotive products and services through both online and offline channels in China. The company’s business segments include new car sales, mainly parallel import cars, as well as auto parts and accessories sales, primarily lubricating oil. Additionally, Autozi provides automotive insurance-related services.
Founded in 2010, Autozi Internet Technology reported $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 Tiger Brokers and Kingswood Capital Markets serving as joint bookrunners on the deal.
In summary, Autozi Internet Technology is a Chinese company that focuses on selling parallel import cars and auto parts online or offline through various channels such as new car sales and lubricating oil sales. The company has announced an increase in its proposed deal size for its upcoming IPO from $7 million to $11 million by offering 2.5 million shares instead of 1.3 million shares at a price range of $4 to $5 per share.
