Hong Kong Freight Forwarder CGL (CGL.US) Slashes IPO Target to $7 Million

Stock News12-15 16:40

Freight forwarding service provider China Global Logistics (CGL.US) has significantly reduced the proposed size of its upcoming initial public offering (IPO). The Hong Kong-based company now plans to raise $7 million by issuing 1.8 million shares at $4 per share, down from its previous target of 3.8 million shares at the same price. The revised offering size represents a 53% reduction in expected proceeds, with the company's market capitalization estimated at approximately $67 million.

Operating through its subsidiaries, CGL offers a range of freight forwarding services, including ocean and air cargo transportation, rail freight agency, customs clearance, container and vehicle transport, cargo distribution, LCL consolidation, large-scale freight projects, and logistics solutions. Headquartered in Hong Kong, the company has established seven branches across major Chinese port cities—Shenzhen, Guangzhou, Xiamen, Shanghai, Ningbo, Qingdao, and Beijing—and also provides third-party logistics services.

Founded in 1999, CGL reported revenue of $38 million for the 12-month period ending March 31, 2025. The company intends to list on the Nasdaq under the ticker symbol "CGL," with Revere Securities acting as the sole underwriter for the offering.

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