ForU Worldwide, which operates a carrier network providing full truckload freight shipping in China, withdrew its plans for an initial public offering on Tuesday, citing market conditions. It originally filed in May 2021 with a proposed deal size of $100 million.
ForU states that it is the largest technology-driven road freight transportation platform in China by 2020 revenue. The foundation of its platform includes data insights, technology capabilities, and strong operational know-hows. Its platform consists of Freight-as-a-Service, shippers, carriers, and its ForU Brain.
The Beijing, China-based company was founded in 2015 and booked $622 million in revenue for the 12 months ended March 31, 2021. It had planned to list on the Nasdaq under the symbol FOYO. Goldman Sachs, UBS Investment Bank, and CICC were set to be the joint bookrunners on the deal.
