AoChuang Holdings, an electric vehicle retailer in China, raised the proposed deal size for its upcoming IPO on Tuesday.
The Haikou, China-based company now plans to raise $30 million by offering 6 million shares at a price range of $4 to $6. The company had previously filed to offer 1.3 million shares at the same range. At the midpoint of the range, AoChuang Holdings will raise 380% more in proceeds than previously anticipated.
With the revised offering terms, AoChuang will qualify for a US IPO under the Nasdaq's new listing requirements, which include a minimum float of $15 million.
AoChuang Holdings operates four full-service electric vehicle (EV) dealerships in Haikou, China, covering all aspects of the EV lifecycle, including new vehicle sales, after-sales services such as repairs and maintenance, and vehicle-related finance and insurance solutions. It maintains dealership agreements with EV manufacturers in China to offer a diversified portfolio of popular brands like Geely Geometry, Ora, Chery New Energy, and GAC Trumpchi.
AoChuang Holdings was founded in 2013 and plans to list on the Nasdaq under the symbol ANE. D. Boral Capital is the sole bookrunner on the deal.
