Haoxin Holdings, which provides temperature-controlled truckload and urban delivery services in China, lowered the proposed deal size for its upcoming IPO on Friday.
The Ningbo, China-based company now plans to raise $10 million by offering 2 million shares at a price range of $4 to $6. The company had previously filed to offer 3 million shares at the same range. At the midpoint of the revised range, Haoxin Holdings will raise -33% less in proceeds than previously anticipated and command a fully diluted market value of $70 million. The company also added Craft Capital Management as the lead underwriter, joining original bookrunner WestPark Capital.
Haoxin Holdings was founded in 2003 and booked $27 million in sales for the 12 months ended December 31, 2023. It plans to list on the Nasdaq under the symbol HXHX.
