Globavend Holdings, which provides cross-border logistics and shipping services, raised $6 million by offering 1.5 million shares at $4, the low end of the range of $4 to $5. The company offered 0.4 million fewer shares than anticipated.
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 plans to list on the Nasdaq under the symbol GVH. R.F. Lafferty & Co. acted as sole bookrunner on the deal.
