Chinese logistics firm Shengfeng cuts proposed IPO by 46% to $14M (update)

Shengfeng Development (SFWL), a provider of logistics services in China, has downsized its proposed US initial public offering by 46% to $14M.

The company said in a filing that it is now looking to offer 3M ordinary shares priced between $4 and $5, which would raise around $14M if priced at the midpoint.

Shengfeng intends to list its shares on Nasdaq under the symbol SFWL. Univest Securities is serving as lead bookrunner.

In a filing made in January, Shengfeng said it was planning to raise $25M by offering 5M shares priced at $5 per share.

Shengfeng isn't the only Chinese logistics firm seeking a US listing. On Friday, Jayud Global (JYD) filed for an IPO, indicating it was seeking to raise $12M.

For more on Shengfeng, check out Donovan Jones's "Shengfeng Development Launches $36M US IPO."