Shengfeng Development, a Chinese contract logistics services provider, raised $10 million by offering 2.4 million shares at $4, the low end of the range of $4 to $5. The company offered 0.6 million fewer shares than anticipated. It originally planned to offer 8 million shares but had revised the terms several times since then. The IPO float is just 2.9% of basic shares outstanding.
Shengfeng Development provides contract logistics services in China, focusing on increasing client efficiency and improving management systems with respect to transportation, warehousing, and time management.
Shengfeng Development plans to list on the Nasdaq under the symbol SFWL. Univest Securities acted as sole bookrunner on the deal.
