Autozi Internet Technology, which sells parallel import cars and auto parts in China, re-filed on Friday with the SEC to raise up to $11 million in an initial public offering. The company originally filed for a US IPO in July 2023, and targeted $29 million in proceeds. It set terms the following month, and subsequently revised it several times before withdrawing its filings this Wednesday.
The Beijing, China-based company plans to raise $11 million by offering 2.5 million shares at a price range of $4 to $5. At the midpoint, Autozi Internet Technology will command a market value of $472 million.
Autozi provides automotive products and services through online and offline channels in China. The company’s business segments include new car sales (65% of FY23 revenue), primarily parallel import cars; auto parts and auto accessories sales (32%), primarily lubricating oil; and automotive insurance related services (3%).
The Beijing, China-based company was founded in 2010 and booked $118 million in revenue for the 12 months ended March 31, 2024. It plans to list on the Nasdaq under the symbol AZI. Kingswood Capital Markets is the sole bookrunner on the deal.