Globavend Holdings, which provides cross-border logistics and shipping services, filed on Wednesday with the SEC to raise up to $8 million in an initial public offering.
The Perth, Australia-based company plans to raise $8 million by offering 1.9 million shares at a price range of $4 to $5. At the midpoint of the proposed range, Globavend Holdings would command a market value of $68 million.
Globavend provides integrated cross-border logistics services from Hong Kong to Australia and New Zealand, including pre-carriage parcel drop off to parcel consolidation, air-freight forwarding, and customs clearance, among other services. It also provides fragmented logistics services, which typically include freight forwarding services. The company's services are primarily operated for "direct injection" of parcels and cargos into Australia and New Zealand. Globavend serves Hong Kong, as well as four cities in Australia and in New Zealand, and its customers are primarily business-to-consumer e-commerce merchants.
Globavend Holdings was founded in 2016 and booked $20 million in revenue for the 12 months ended March 31, 2023. It plans to list on the Nasdaq under the symbol GVH. The company filed confidentially on June 20, 2023. R.F. Lafferty & Co. is the sole bookrunner on the deal.
