Roehl Niño Bautista · · 1 min readAlibaba-backed GoGoX goes public in Hong Kong
GoGoX, a Hong Kong-based logistics startup, debuted at Hong Kong Exchanges & Clearing (HKEX) at a premium, trading at HK$21.60 (US$2.75), which was a notch above its IPO price of HK$21.50 (US$2.74).
Photo credit: GoGoX
The startup reached a peak of HK$22.95 (US$2.92) before sliding down to its IPO price at 2 pm Hong Kong time. A total of 31.2 million shares – 28.1 million and 3.1 million shares for international markets and Hong Kong, respectively – are up on the offer as the firm eyes raising HK$567.3 million (US$ 72.8 million).
GoGoX’s listing saw the first in-person ceremony at HKEX in two years. The IPO comes a year after the company raised a US$100 million funding round and teamed up with Carousell Hong Kong and Atome to boost services for local businesses.
The company, which currently operates in 340 cities across China, Hong Kong, Singapore, Korea, and India, offers logistics services to individuals and businesses. Even though GoGoX claims to have fulfilled 28.4 million shipment orders in 2021, the South China Morning Post reported that the company has been registering losses for the past four years.
See also: Meet the 50 top-funded startups and tech companies in Hong Kong
Currency converted from Hong Kong dollar to US dollar: US$1 = HK$7.85
Editing by Deepti Sri and Joy Tirkey
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