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Hong Kong logistics start-up Lalamove files confidentially for US$1 billion US listing
- Lalamove’s filing comes as logistics firms have gained popularity among investors during the coronavirus pandemic
- Its filing follows offerings by JD Logistics and Full Truck Alliance
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Hong Kong logistics start-up Lalamove has filed confidentially for an initial public offering (IPO) in the United States, becoming the latest Asian logistics unicorn to seek to tap the capital markets this year, Bloomberg reported, citing people familiar with the matter.
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The company, which is known as Huolala in China, is seeking to raise at least US$1 billion in the offering, the people said. The fundraising amount and other details of offering are subject to change depending on investor demand, the people said, asking not to be identified as the information is private.
Lalamove has no specific timetable or plans for going public, a company representative said when contacted by the South China Morning Post.
The company’s filing for a potential IPO comes as logistics firms have gained popularity among investors against the backdrop of the coronavirus pandemic, with social distancing measures and lockdowns driving e-commerce higher over the past year.
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JD Logistics, a unit of Chinese e-commerce giant JD.com, raised US$3.2 billion in its IPO in Hong Kong in May, with its shares attracting a lower-than-expected premium on its first day of trading.
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