Autozi Internet Technology (Global) Ltd. (AZI) of China priced its small-cap IPO at $4.00 – the low end of its $4.00-to-$5.00 price range – and sold 2.5 million shares – the number of shares in the prospectus – to raise $10.0 million on Tuesday night, Aug. 27, 2024. Autozi’s stock opened at $3.90 – down 10 cents from its IPO price – on the NASDAQ at 10:45 a.m. EDT today – Wednesday, Aug. 28, 2024 – on volume of just 93, 533 shares, according to NASDAQ. By around 1:58 p.m. EDT, Autozi was trading at $3.38 on volume of about 1.13 million shares. Autozi’s stock closed on Wednesday at $2.62 – down $1.38 or off 34.5 percent in its first day of NASDAQ trading – on volume of 1,696,475 shares.
Kingswood was the sole book-runner.
Autozi Internet Technology (Global) Ltd. , based in Beijing, sells new cars – mostly parallel import cars and some New Energy Vehicles, which includes battery-operated electric cars – as well as automotive parts, accessories, insurance and related services.
The company, founded in 2010, provides automotive products and services through online channels and stores countrywide. As of March 31, 2023, Autozi had 252 multi-brand service (MBS) stores, covering five provinces and 17 cities in China – up from 102 MBS stores on that date in 2022, according to the prospectus. Autozi is incorporated in the Cayman Islands.
Autozi is not profitable. For the 12 months that ended March 31, 2024, Autozi reported a net loss of $12.3 million on revenue of $117.6 million.
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