Hong Kong logistics provider Speed Group Holdings increases proposed IPO deal size ahead of $17 million US IPO
IPO Overview
Speed Group Holdings, a Hong Kong-based provider of cross-border freight forwarding and logistics services, raised the proposed deal size for its upcoming IPO on Thursday.
The Hong Kong, China-based company now plans to raise $17 million by offering 3.8 million shares at a price range of $4 to $5. The company had previously filed to offer 2.5 million shares at the same range. At the midpoint of the revised deal size, Speed Group Holdings will raise 50% more in proceeds than previously anticipated and command a market cap of $84 million.
Speed Group Holdings, through its subsidiary Speed Logistics, provides e-commerce logistics （87% of FY25 revenue）， freight forwarding （12%）， and on-demand warehousing and delivery services （1%） throughout North America, Asia, and Europe. Its customers primarily consist of online shopping platforms, and its suppliers include multinational airlines and courier delivery services companies. Its largest customer contributed to about 82% of its FY25 revenue.
Speed Group Holdings was founded in 2021 and plans to list on the Nasdaq under the symbol SPED. R.F. Lafferty & Co. is the sole bookrunner on the deal.
About the Company
Our operating subsidiary, Speed Logistics, is an emerging e-commerce logistics provider providing end-to-end logistics solution in Hong Kong, Europe and North America. Our mission is to combine our experience, knowledge, and network with flexibility and agility to provide a one-stop logistics solution to customers and enterprises. We are providing logistics services, primarily, to e-commerce client（s）， shipping small parcels from Hong Kong to end nodes in Europe and North America. The services packages include warehousing, customs clearance, air transportation, and final delivery from the European airports, and to the end node clients’ addresses. As an e-commerce logistics provider, we provide integrated cross-border logistics services from Hong Kong to Europe and North America, where we provide customers with a one-stop solution, from parcel consolidation to Freight forwarding services forwarding, customs clearance, on-carriage parcel transportation, and delivery. We rely on our own proprietary all-in-one shipping solution, which has been or can be connected to the customer’s own IT systems （such as enterprise resource planning （ERP） systems, customer relationship management （CRM） systems or booking management systems,） on one end and the transportation management systems （TMS） of our ground transportation service providers on the other end, to facilitate effective logistics management.