Speed Group Holdings, a Hong Kong-based provider of cross-border freight forwarding and logistics services, raised the proposed deal size for its upcoming IPO on Thursday.
The Hong Kong, China-based company now plans to raise $17 million by offering 3.8 million shares at a price range of $4 to $5. The company had previously filed to offer 2.5 million shares at the same range. At the midpoint of the revised deal size, Speed Group Holdings will raise 50% more in proceeds than previously anticipated and command a market cap of $84 million.
Speed Group Holdings, through its subsidiary Speed Logistics, provides e-commerce logistics (87% of FY25 revenue), freight forwarding (12%), and on-demand warehousing and delivery services (1%) throughout North America, Asia, and Europe. Its customers primarily consist of online shopping platforms, and its suppliers include multinational airlines and courier delivery services companies. Its largest customer contributed to about 82% of its FY25 revenue.
Speed Group Holdings was founded in 2021 and plans to list on the Nasdaq under the symbol SPED. R.F. Lafferty & Co. is the sole bookrunner on the deal.
