BingEx Limited Prices IPO at $15.00-$17.00 Per Share (FLX)

BingEx Limited (FLX) is planning to raise $64 million in an IPO on Friday, October 4th, IPO Scoop reports. The company will issue 4,000,000 shares at a price of $15.00-$17.00 per share.

In the last twelve months, BingEx Limited generated $623.2 million in revenue and $15.2 million in net income.

Deutsche Bank Securities, CICC and CLSA acted as the underwriters for the IPO.

BingEx Limited provided the following description of their company for its IPO: “We are a holding company whose main subsidiary runs a major on-demand dedicated courier service in China. (Incorporated in the Cayman Islands)  Our mission is to make people’s lives better through our services. We are the pioneer in providing on-demand dedicated courier services for individual and business customers with superior time certainty, delivery safety and service quality. We brand our services as “FlashEx,” or “闪送” (pronounced as “Shan Song”) in Chinese, which means delivery in a flash. FlashEx has become synonymous with on-demand dedicated courier services in China, according to iResearch. We are the largest independent on-demand dedicated courier service provider in China as measured by revenue in 2023, according to iResearch. Since the inception of our commercial operation in 2014, our business has flourished with individual and business customers embracing the on-demand dedicated courier industry. As of June 30, 2024, we had approximately 2.7 million registered riders, and had expanded our services coverage to 295 cities in China. In 2023, our market share of the independent on-demand dedicated courier service in China was approximately 33.9%, according to iResearch. Note: Net income and revenue are for the year that ended Dec. 31, 2023. (Note: BingEx Limited disclosed terms for its IPO in an  F-1/A filing: 4.0 million American Depositary Shares (ADS) at $15.00 to $17.00 to raise $64.0 million. Background: BingEx filed its F-1 for its IPO on Sept. 16, 2024, without disclosing terms. The IPO is expected to raise about $100 million, a placeholder figure. Background: BingEx Limited submitted confidential IPO documents to the SEC on June 10, 2021.) “.

BingEx Limited was founded in 2013 and has 1033 employees. The company is located at Building 6 Zhongguancun Dongsheng International Science Park No.1 Yongtaizhuang North Road Haidian District, Beijing 100192 People’s Republic of China and can be reached via phone at +86 10-6292-3966 or on the web at http://www.ishansong.com/.