PSI Group Holdings, a Hong Kong-based provider of air and ocean freight forwarding services, filed on Wednesday with the SEC to raise up to $16 million in an initial public offering.
The company plans to raise $16 million by offering 3.3 million shares at a price range of $4 to $6. At the midpoint of the proposed range, PSI Group Holdings would command a market value of $125 million.
Operating through subsidiaries Profit Sail Int'l Express and Business Great Global Supply Chain, the company provides air and ocean freight forwarding services, as well as optional ancillary logistics and warehousing related services. The company serves an aggregate of more than 500 customers and offers routes to over 90 countries. PSI Group utilizes an asset-light, structurally flexible, and scalable business model, and it does not own or operate the aircraft or vessels used for its services.
PSI Group Holdings was founded in 1993 and booked $122 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol PSIG. The company filed confidentially on March 22, 2022. Univest Securities is the sole bookrunner on the deal.
