Shengfeng Development, a Chinese contract logistic services provider, lowered the proposed deal size for its upcoming IPO on Thursday.
The Fuzhou, China-based company now plans to raise $25 million by offering 5 million shares at $5. The company had previously filed to offer 8 million shares at a range of $4 to $5. At the revised terms, Shengfeng Development will raise 31% less in proceeds than previously anticipated.
Shengfeng Development provides contract logistics services 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 3,500,000 tons in the 1H22 (+19% y/y).
Shengfeng Development was founded in 2001 and booked $349 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol SFWL. Univest Securities is the sole bookrunner on the deal.
