New Century Logistics, a Hong Kong-based provider of air and ocean freight forwarding services, filed on Monday with the SEC to raise up to $11 million in an initial public offering.
The company plans to raise $11 million by offering 2.5 million shares at a price range of $4 to $5. At the midpoint of the proposed range, New Century Logistics would command a market value of $101 million.
New Century Logistics provides a range of air and ocean export and import freight forwarding services, including the sale of cargo space, cargo pick up, and off-airport air cargo security screening, among others. The company serves direct shippers and other freight forwarders, and since its inception, it has offered its customers routes to over 140 countries.
New Century Logistics was founded in 2002 and booked $52 million in revenue for the 12 months ended March 31, 2023. It plans to list on the Nasdaq under the symbol NCEW. The company filed confidentially on April 28, 2023. Craft Capital Management is the sole bookrunner on the deal.
