Sources: Hong Kong delivery service Lalamove files for $1b US IPO

Details:

• Lalamove is looking to raise at least US$1 billion in the share sale, the sources said. However, it is still subject to change depending on investor demand.
• “The company is paying close attention to capital markets but has no specific timeline and plan for going public,” a representative for Lalamove said in response.

Context:

• Founded in 2013, Lalamove provides van-hailing and on-demand courier services in more than 20 countries in Asia, Latin America, and the US. The company, known as Houlala in China, currently has more than 700,000 driver-partners.
• In late May, JD Logistic raised US$3.16 billion in a Hong Kong IPO, making it the second largest IPO so far this year in the city’s stock market.