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China-based Autozi Internet Technology doubles share offering ahead of $11 million US IPO

June 11, 2024

Autozi Internet Technology, which sells parallel import cars and auto parts in China, raised the proposed deal size for its upcoming IPO on Tuesday.

The Beijing, China-based company now plans to raise $11 million by offering 2.5 million shares at a price range of $4 to $5. The company had previously filed to offer 1.3 million shares at the same range. At the midpoint, Autozi Internet Technology will raise 100% more in proceeds than previously anticipated. The IPO float is now just 2.4% of basic shares outstanding.

Autozi provides automotive products and services through online and offline channels in China. The company's business segments include new car sales, primarily parallel import cars; auto parts and auto accessories sales, primarily lubricating oil; and automotive insurance related services.

Autozi Internet Technology was founded in 2010 and booked $114 million in revenue for the 12 months ended September 30, 2023. It plans to list on the Nasdaq under the symbol AZI. Tiger Brokers and Kingswood Capital Markets are the joint bookrunners on the deal.