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Freight brokerage LeeWay Services sets terms for $15 million IPO

September 21, 2022

LeeWay Services, which provides freight brokerage and logistics services, announced terms for its IPO on Wednesday.

The Salt Lake City, UT-based company plans to raise $15 million by offering 3 million shares at a price of $5. At the proposed price, LeeWay Services would command a market value of just under $50 million.

If the company prices at a market cap less than $50 million, LeeWay Services will be excluded from Renaissance Capital's IPO stats.

LeeWay Services operates a freight brokerage and transportation platform that matches shipper loads with carrier capacity, which is primarily provided by small carriers and independent owner operators. The loads are primarily full truckload and often need specialized trailers such as refrigeration or flatbeds in addition to dry vans. LeeWay is also in the process of developing a next-generation digital freight platform to serves its customers.

LeeWay Services was founded in 1934 and booked $35 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol LEWY. ThinkEquity is the sole bookrunner on the deal.