Autozi’s IPO: From $23 Million to $6 Million, Despite Revenue of $114 Million

Autozi Internet Technology, a Beijing-based company specializing in parallel import cars and auto parts, has revised its terms for its upcoming IPO. Initially planning to raise $23 million by offering 1.67 million shares at a price range of $4 to $5, the company is now seeking to raise just $6 million by selling 1.3 million shares at the same price range. This will result in Autozi having a market value of $467 million at the midpoint of the range. The IPO float represents only 1.2% of the company’s basic shares outstanding.

Founded in 2010, Autozi offers automotive products and services through both online and offline channels in China. Its 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.

In the 12 months ending on September 30, 2023, the company generated $114 million in revenue.

Despite this adjustment, Autozi remains a significant player in the automotive market in China. The company plans to list on the Nasdaq under the symbol AZI. Tiger Brokers and Kingswood Capital Markets are joint bookrunners for the IPO.

Autozi’s initial IPO attempt in August 2023 was expected to generate more proceeds but due to revised terms it is now seeking to raise less funds than before.

Overall Autozi offers a variety of products and services to consumers through its online and offline channels and remains an important player in China’s automotive market despite this setback with their IPO attempt.