GigaCloud Technology, which operates a wholesale marketplace for furniture and other bulky goods made in Asia, appeared to raise $36 million by offering 2.9 million shares at $12.25, the high end of the range of $10.25 to $12.25.
The company offered 0.5 million more shares than previously anticipated. It originally planned to offer 3.5 million shares before lowering the share offering to a proposed 2.5 million shares at the end of July. At pricing, GigaCloud Technology commands a market value of $493 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. In 2021, the GigaCloud Marketplace had gross merchandise value of roughly $414 million (+117% y/y).
GigaCloud Technology plans to list on the Nasdaq under the symbol GCT. Aegis Capital Corp. acted as sole bookrunner on the deal.
