SHENGFENG DEVELOPMENT Ltd

SHENGFENG DEVELOPMENT Ltd (SFWL) priced its initial public offering on Apr 3, 2023 at $4.00 per share, within its $4.00–$5.00 range, and listed on Nasdaq Capital Market. At the IPO price its market capitalization was about $162.1M. Univest was lead-left underwriter. Hunter Taubman Fischer & Li, Ogier and AllBright advised the company and Jingtian & Gongcheng and Ellenoff Grossman & Schole advised the underwriters.

SHENGFENG DEVELOPMENT Ltd is a China-based business-to-business independent contract logistics company, operating through a variable interest entity and its subsidiaries. A Frost & Sullivan report placed the VIE among the top 50 such companies in 2019 and 2020.

Status

IPO

Ticker

SFWL

Exchange

Nasdaq Capital Market

Priced

Apr 3, 2023

IPO price

$4.00

Price range

$4.00–$5.00

Market cap at IPO price

$162.1M

First filed

Sep 9, 2022

Underwriters

Univest

Company counsel

Hunter Taubman Fischer & Li, Ogier and AllBright

Underwriters' counsel

Jingtian & Gongcheng and Ellenoff Grossman & Schole

Sector

Transportation

Country / state

China

Market cap at IPO price = shares outstanding after the offering (all classes, before the over-allotment option) × the IPO price, from the final prospectus.