The latest: Gogox Holdings Ltd. (2246.HK), an online logistics platform announced Thursday that the company’s Hong Kong public offering of 3.12 million shares was 3.05 times oversubscribed by retail investors, with a 100% win-lot ratio for investors subscribing for 200 shares per lot. The shares will be listed on the main board of the Hong Kong Stock Exchange on Friday (June 24).

Looking up: The company received support from two cornerstone investors who subscribed for a total of 23.17 million shares, while the international offering of 28.08 million shares was marginally oversubscribed.

Take Note: With an offer price of HK$21.50 per share, the company’s fundraising amount is only HK$567 million ($73 million), only 15% of the previously rumored HK$3.9 billion.

Digging Deeper: Founded in 2013, the predecessor of Gogox, GoGoVan expanded its business from Hong Kong to Mainland China, Taiwan, India, Singapore and Korea in mid-2016 and became one of the first unicorn startups in Hong Kong, when GoGoVan merged with 58 Freight in August 2017 at a valuation of $1 billion. The following year, the company changed its name to Gogox, covering more than 340 cities with a network of more than 5.2 million drivers. However, the company has lost 2.8 billion yuan ($420 million) over the past four years and is not expected to make a profit for at least the next two years.

Translation by Jony Ho

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