Haoxin Holdings, which provides temperature-controlled truckload and urban delivery services in China, filed on Friday with the SEC to raise up to $15 million in an initial public offering.
The Ningbo, China-based company plans to raise $15 million by offering 3 million shares at a price range of $4 to $6. At the midpoint of the proposed range, Haoxin Holdings would command a market value of $75 million.
Operating through various subsidiaries, Haoxin Holdings provides temperature-controlled truckload services and urban delivery services in China, with a focus on electronic devices, chemicals, fruit, food, and commercial goods. As of June 30, 2022, the company operated a truckload fleet with 70 tractors, 155 trailers, and 61 vans. It mainly provides transportation services with its large and medium-sized temperature-controlled logistics transportation vehicles, charging its customers based on mileage.
Haoxin Holdings was founded in 2003 and booked $31 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol HXHX. The company filed confidentially on September 9, 2022. Univest Securities is the sole bookrunner on the deal.
