China luxury car importer Cheetah Net files for $12M US IPO

Cheetah Net Supply Chain Service (CTNT), a supplier of parallel-import luxury cars for the Chinese market, has filed to raise around $12M through a US initial public offering.

Cheetah didn’t specify terms in its filing, but said in a filing fee schedule it was looking to raise approximately $12M. It added that selling shareholders were considering offering 1.6M shares priced at $5 per share to raise $8M.

The company hopes to list its shares on Nasdaq under the symbol CTNT. Maxim Group is serving as lead bookrunner, according to the filing.

Based in North Carolina, Cheetah supplies cars sourced in the US to dealers in China. The company focuses on luxury brands such as BMW, Bentley, Mercedes, Lexus and Porsche.

Cheetah has been profitable. For 2022, the company reported a net income of $817K on revenue of $55M.

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