Chinese EV retailer AoChuang Holdings increases share offering by nearly 5x ahead of $30 million US IPO
IPO Overview
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.
About the Company
We are a passenger electric vehicles （EVs） retailer and comprehensive automobile service provider in Hainan Province, China. Leveraging the beneficial local government policy for EV promotion in Hainan Province, the first province in China to propose a timetable for “banning the sale of fuel vehicles” by 2030, we strategically focus our operation on sales and services of EVs instead of internal combustion engine vehicles （ICEVs）。 We maintain dealership agreements with well-known EV manufacturers in China to operate our 4S dealership stores for a diversified portfolio of popular EV brands in China, consisting of Geely Geometry, Ora, Chery New Energy, and GAC Trumpchi. “4S” stands for four automobile-related business elements initiated by “S”： sales, spare parts, service and survey. We established our first 4S dealership store in Haikou, Hainan Province in 2016, and have since grown to a comprehensive automobile service provider in Hainan with four full-service 4S dealership stores under four PRC operating subsidiaries.