Haoxin Holdings, which provides temperature-controlled truckload and urban delivery services in China, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Ningbo, China-based company now plans to raise $9 million by offering 1.8 million shares at a price range of $4 to $6. The company had previously filed to offer 2 million shares at the same range. The company first set terms in February 2023 to offer 3 million shares. At the midpoint of decreased deal size, Haoxin Holdings will raise -13% less in proceeds than previously anticipated and command a fully diluted market value of $69 million.
Haoxin Holdings was founded in 2003 and plans to list on the Nasdaq under the symbol HXHX. Craft Capital Management and WestPark Capital are the joint bookrunners on the deal.
