BingEx, which operates a leading on-demand dedicated courier service in China, raised $66 million by offering 4 million shares at $16.50, slightly above the midpoint of the range $15 to $17. At pricing, the company commands a market value of $1.2 billion.
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 plans to list on the Nasdaq under the symbol FLX. Deutsche Bank, CICC, and CLSA acted as joint bookrunners on the deal.
