CloudDepots Holdings Files to Raise $14.6m in IPO

Dow Jones06:21

CloudDepots Holdings filed to raise around $14.6 million in an initial public offering.

The holding company plans to list 3 million shares at a price between $5.00 and $6.00 on Nasdaq or the New York Stock Exchange American, according to a Friday filing with the securities and exchange commission.

The company's subsidiary, Y&T E-commerce, provides shipping and logistics services in the U.S. The company said a significant portion of its revenue comes from customers based in China.

CloudDepots expects to net around $14.6 million from the IPO based on the midpoint of the pricing range. It plans to use proceeds to improve its technology, pursue acquisitions or investments, invest in sales and marketing, and for other general corporate purposes.

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