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Samreen Ahmad · · 1 min readCrescendo-backed Singapore logistics startup mulls US listing
“Qxpress, a pan-Asia cross-border logistics company whose investors include a firm backed by Peter Thiel, is weighing an initial public offering in the US as soon as next year,” said a Bloomberg report, citing sources.
Details:
- The potential public offering could bump the Singapore-based firm’s valuation to between US$500 million to US$1 billion. Qxpress’s investors counts Crescendo Equity Partners as an investor, which is sponsored by PayPal Holdings co-founder Thiel.
- According to sources, Qxpress is currently in talks with Deutsche Bank and Goldman Sachs regarding its listing plans.
Dive deeper:
- Qxpress will join a slew of Singapore-based startups, including Carousell, PropertyGuru, and Grab, looking to go public in the US.
- Asian tech firms are increasingly opting for IPOs after their overseas counterparts saw huge gains amid the pandemic. (Read: The leading Asian tech players eyeing an IPO in 2021 [Updated])
Editing by Deepti Sri and Arpit Nayak
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