BingEx, which operates a leading on-demand dedicated courier service in China, announced terms for its IPO on Friday.
The Beijing, China-based company plans to raise $64 million by offering 4 million shares at a price range of $15 to $17. At the midpoint of the proposed range, BingEx would command a market cap of $1.1 billion, and an enterprise value of $979 million.
Branded as FlashEx in China, or Shan Song, BingEx states that it is the country's leading independent on-demand dedicated courier service provider. Unlike many competitors, the company does not combine multiple orders or use multiple couriers, instead assigning a dedicated rider to make a single delivery, resulting in lower average delivery time and a lower loss ratio.
BingEx was founded in 2013 and plans to list on the Nasdaq under the symbol FLX. CICC and CLSA are the joint bookrunners on the deal.
