GoGoX Holdings, which provides logistics services through an internet platform, will kick off its initial public offering on Wednesday, seeking to raise up to HK$671 million ($85.5 million), well short of its initial targets of around $500 million amid conditions that have led to an IPO drought, reports the South China Morning Post.
The share sale by the Beijing-based firm comes amid a global dry-spell that has seen funds raised by leading IPO hubs such as Hong Kong and New York tumble by 90% in the first half of the year.
The online intracity logistics platform is now aiming to sell 31.2 million shares at HK$21.50. Its retail offering will end Friday, and trading on the main board under the ticker “2246” is slated to begin on June 24.