Shengfeng Development, a Chinese contract logistic services provider, filed on Friday with the SEC to raise up to $36 million in an initial public offering.
The Fuzhou, China-based company plans to raise $36 million by offering 8 million shares at a price range of $4 to $5. At the midpoint of the proposed range, Shengfeng Development would command a market value of $396 million.
Shengfeng Development provides contract logistics service in China, focusing on increasing client efficiency and improving management systems with respect to transportation, warehousing, and time management. The company had total transportation volume of approximately 6,360,000 tons in 2021 (+10% y/y).
The company was founded in 2001 and booked $347 million in revenue for the 12 months ended December 31, 2021. It plans to list on the Nasdaq under the symbol SHNG.RC. Univest Securities is the sole bookrunner on the deal.
