New Century Logistics, a Hong Kong-based provider of air and ocean freight forwarding services, lowered the number of shares offered for its upcoming IPO on Tuesday.
The Hong Kong, China-based company now plans to raise $6 million by offering 1.3 million shares at a price range of $4 to $5. The company had previously filed to offer 2.5 million shares at the same price range. At the midpoint of the revised offering, New Century Logistics will raise -50% less in proceeds than previously anticipated, and command a market cap of $96 million.
New Century Logistics provides a range of air and ocean export and import freight forwarding services, including the sale of cargo space, cargo pick up, and off-airport air cargo security screening, among others. The company serves direct shippers and other freight forwarders, and since its inception, it has offered its customers routes to over 140 countries.
New Century Logistics was founded in 2002 and booked $36 million in revenue for the 12 months ended September 30, 2023. It plans to list on the Nasdaq under the symbol NCEW. Eddid Securities and Futures is the sole bookrunner on the deal.
