hanibaram
Chinese logistics services company Shengfeng Development (SFWL) (SHNG) has set terms for a proposed US$25 million initial public offering.
The contract logistics service provider said in a presentation that it is planning to offer 5 million shares of common stock at a price of $5 per share. The underwriters would be granted a 45-day option to purchase additional shares of up to $750,000 to cover over-allotments.
Shengfeng intends to list its shares on Nasdaq under the symbol SFWL. In a previous presentation, he indicated that the symbol would be SHNG. Univest Securities is serving as lead underwriter.
Headquartered in the city of Fuzhou, China, Shengfeng operates in China through subsidiaries and a variable interest entity, or VIE. The company is incorporated in the Cayman Islands.
For more information on Shengfeng, see “Shengfeng Development Launches $36M US IPO” by Donovan Jones.
