GigaCloud Technology, which operates a cross-border B2B marketplace for large parcel merchandise, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Hong Kong-based company now plans to raise $28 million by offering 2.5 million shares at a price range of $10.25 to $12.25. The company had previously filed to offer 3.5 million shares at the same range. At the midpoint, GigaCloud Technology will raise -30% less in proceeds than previously anticipated and command a market cap of $447 million.
GigaCloud provides end-to-end B2B e-commerce solutions for large parcel merchandise, including furniture, home appliances, and fitness equipment. Its global marketplace connects manufacturers, primarily in Asia, with resellers, primarily in the US, Asia, and Europe. The company allows customers to execute cross-border transactions, transporting products from the manufacturer's warehouse to end customers at a fixed price.
GigaCloud Technology was founded in 2006 and booked $432 million in sales for the 12 months ended March 31, 2022. It plans to list on the Nasdaq under the symbol GCT. Aegis Capital Corp. is the sole bookrunner on the deal.
