Autozi Internet Technology Ready to Raise Capital with Adjusted IPO Terms on Nasdaq

Autozi Internet Technology, a company based in Beijing, China, specializes in selling parallel import cars and auto parts. Recently, the company revised its terms for its upcoming IPO. Initially planning to raise $23 million, Autozi now aims to raise $6 million by offering 1.3 million shares at a price range of $4 to $5. At the midpoint of this range, the company would have a market value of $467 million. This IPO float represents just 1.2% of the basic shares outstanding.

The company offers automotive products and services through both online and offline channels in China. The 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.

Autozi was founded in 2010 and generated $114 million in revenue for the 12 months ending on September 30, 2023. Despite this adjustment in its IPO terms, 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 the joint bookrunners for the IPO.

Autozi Internet Technology is a significant player in the automotive market in China offering a variety of products and services to consumers through both online and offline channels. 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. Despite this adjustment in its IPO terms, Autozi has continued to generate revenue with $114 million generated during the 12 months ending September 30th last year.

Tiger Brokers and Kingswood Capital Markets are joint bookrunners for Autozi’s upcoming IPO under symbol AZI on Nasdaq. Although they raised less money compared to their initial attempt with an aim of raising $6 million instead of $23 million by offering 1.3 million shares at a price range of $4-$5 which will give them a market value of about $467 million at midpoint pricing if they float just 1% basic shares outstanding.

In conclusion, Autozi Internet Technology is still a significant player in China’s automotive market despite having to revise its terms for its upcoming IPO from August to October last year