Eastern International, a Chinese provider of domestic and cross-boarder logistics, filed on Tuesday with the SEC to raise up to $7 million in an initial public offering.
The Hangzhou, China-based company plans to raise $7 million by offering 1.6 million shares at a price range of $4 to $5. At the midpoint of the proposed range, Eastern International would command a market value of $54 million.
Eastern International specializes in project logistics for construction and special cargo, as well as general logistics for various industries. Its services include transportation, warehousing, and distribution, with a focus on new energy projects, chemical equipment, and infrastructure construction (including roads and bridges, tunnel construction). The company has a strong presence in China and is expanding into Southeast Asian markets. It serves major corporate clients, including multinational companies and state-owned enterprises, particularly in renewable energy, household appliances, and construction industries.
Eastern International was founded in 2016 and booked $40 million in revenue for the 12 months ended March 31, 2024. It plans to list on the Nasdaq under the symbol ELOG. Maxim Group LLC is the sole bookrunner on the deal.
