China logistics provider Tiancheng Intelligent Logistics (ELOG.US) IPO priced at $4-5/share, raising $7mn

Tiancheng Intelligent Logistics Supply Chain Management Co., Ltd. (Tiancheng Intelligent Logistics) filed a preliminary prospectus with the U.S. Securities and Exchange Commission (SEC) on Tuesday for an initial public offering (IPO) that could raise up to $7 million. The company, headquartered in Hangzhou, China, plans to sell 1.6 million shares at $4 to $5 each, raising $7 million. At the midpoint of the proposed range, Tiancheng Intelligent Logistics would be valued at $54 million.

Tiancheng Intelligent Logistics focuses on logistics for construction engineering projects and specialized cargo, as well as general logistics for various industries. Its business includes transportation, warehousing, and distribution, with a focus on new energy projects, chemical equipment, and infrastructure construction (including road and bridge, tunnel construction). The company has strong influence in China and is expanding into the Southeast Asian market. It serves large enterprises, including multinational corporations and state-owned enterprises, particularly in the renewable energy, home appliances, and construction sectors.

Tiancheng Intelligent Logistics had revenue of $40 million in the 12 months ended March 31, 2024. The company plans to list on the Nasdaq under the ticker ELOG. Maxim Group LLC is the sole bookrunner for the transaction.