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Shengfeng Development (SFWL), a logistics services provider in China, has reduced its US IPO proposal by 46% to $14 million.
The company said in a presentation that it now seeks to offer 3M common shares are priced between $4 and $5, which would raise about $14 million if trading at the midpoint.
Shengfeng intends to list its shares on Nasdaq under the symbol SFWL. Univest Securities is serving as the principal book broker.
In a filing in January, Shengfeng said it planned to raise $25 million by offering 5 million shares at a price of $5 per share.
Shengfeng is not the only Chinese logistics company looking to list in the United States. On Friday, Jayud Global (JYD) filed for an initial public offering, stating it was looking to raise $12 million.
For more information on Shengfeng, see “Shengfeng Development Launches $36M US IPO” by Donovan Jones.
