Autowel Holding (ANE.US) IPO priced at $4-$6/share, raising $6M
1min read China's electric vehicle retailer Hainan Aochuang New Energy Development Co., Ltd. (hereinafter referred to as Aochuang Holdings) filed an initial public offering (IPO) application with the U.S. Securities and Exchange Commission (SEC) on Friday, seeking to raise up to $6 million. The company plans to issue 1.3 million shares at a price range of $4 to $6 per share, raising $6 million. At the midpoint of the proposed price range, Aochuang Holdings would be valued at $176 million.
Aochuang Holdings, a comprehensive automotive service provider, operates four full-service EV dealerships in Haikou, covering all aspects of the EV lifecycle, including new vehicle sales, after-sales services such as maintenance and repair, and financial and insurance solutions related to cars. It maintains dealer agreements with Chinese EV manufacturers to offer a diversified product portfolio of popular brands such as Geely Geometry, Ora, Chery New Energy, and GAC Aion.
Aochuang Holdings, headquartered in Haikou, China, was founded in 2013, and its revenue was $67 million in the 12 months ended March 31, 2024. The company plans to list on the Nasdaq under the ticker symbol ANE. Aochuang Holdings filed confidentially on March 29, 2024. EF Hutton is the sole bookrunner for the transaction.
