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Luxury car importer Cheetah Net Supply Chain Service sets terms for $10 million IPO

May 1, 2023

Cheetah Net Supply Chain Service, which sells parallel import luxury cars in China, announced terms for its IPO on Monday.

The Charlotte, NC-based company plans to raise $10 million by offering 2 million shares at a price range of $4 to $6. At the midpoint of the proposed range, Cheetah Net Supply Chain Service would command a market value of $93 million.

Cheetah Net is a supplier of parallel import vehicles, which are vehicles purchased by dealers directly from overseas markets and imported for sale through channels other than brand manufacturers' official distribution systems. The company purchases automobiles, primarily luxury brands such as Mercedes and BMW, from the US market and resells them to parallel import car dealers in both China and the US. Cheetah Net sold 463 vehicles in 2022, and as of December 31, 2022, the company's sourcing network consisted of 342 purchasing agents.

Cheetah Net Supply Chain Service was founded in 2016 and booked $55 million in sales for the 12 months ended December 31, 2022. It plans to list on the Nasdaq under the symbol CTNT. Maxim Group LLC and Pacific Century Securities are the joint bookrunners on the deal.