Tracx Logis, a Singapore-based logistics provider focused on cross-border services, lowered the proposed deal size for its upcoming IPO on Thursday.
The Singapore-based company now plans to raise $20 million by offering 1 million shares at a price range of $18 to $22. The company had previously filed to offer 1.5 million shares at the same price range. At the midpoint of the revised range, Tracx Logis will raise -33% less in proceeds than previously anticipated and command a market value of $334 million.
The company provides cross-border logistics services to e-commerce merchants, smaller manufacturers and individual shippers. Tracx Logis works with various vendors, including first mile, last mile, middle mile and warehouse and customs partners in Asia and throughout the world. The company states that it uses an asset-light business model to minimize ownership or long-term lease of physical facilities and equipment. In 2024, Tracx Logis, which was previously known as Qxpress, faced liquidity and going concern issues related to its then parent company, Qoo10, which later went into bankruptcy proceedings.
Tracx Logis (Qxpress) was founded in 2011 and booked $132 million in revenue for the 12 months ended June 30, 2026. It plans to list on the Nasdaq under the symbol TRCX. Roth Capital is the sole bookrunner on the deal, after the company removed Revere Securities as a bookrunner.
