Chinese logistics provider Shengfeng cuts proposed IPO by 46% to $14M

Shengfeng Improvement (SFWL), a supplier of logistics providers in China, has downsized its proposed US preliminary public providing by 46% to $14M.

The corporate mentioned in a submitting that it’s now seeking to supply 3M peculiar shares priced between $4 and $5, which might elevate round $14M if priced on the midpoint.

Shengfeng intends to listing its shares on Nasdaq beneath the image SFWL. Univest Securities is serving as lead bookrunner.

In a submitting made in January, Shengfeng mentioned it was planning to lift $25M by providing 5M shares priced at $5 per share.

Shengfeng is not the one Chinese language logistics agency searching for a US itemizing. On Friday, Jayud World (JYD) filed for an IPO, indicating it was searching for to lift $12M.

For extra on Shengfeng, try Donovan Jones’s “Shengfeng Improvement Launches $36M US IPO.”