LeeWay Services, which provides freight brokerage and logistics services, lowered the proposed deal size for its upcoming IPO on Monday.
The Salt Lake City, UT-based company now plans to raise $5 million by offering 1 million shares at $5. The company had previously filed to offer 3 million shares at the same price. At the revised terms, LeeWay Services will raise 67% less in proceeds than previously anticipated.
Because the company is expected to have a market cap less than $50 million at pricing, LeeWay Services will be excluded from Renaissance Capital's 2023 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 $33 million in revenue for the 12 months ended September 30, 2022. It plans to list on the NYSE American under the symbol LEWY. ThinkEquity is the sole bookrunner on the deal.
