Thu Huong Le · · 2 min readSea-backed VN delivery firm eyes domestic listing
Giaohangtietkiem (GHTK), a Vietnamese e-logistics firm backed by Sea Group, is eyeing a domestic IPO in the fourth quarter of 2022 to raise capital and cope with rising competition in the space.
Photo credit: GHTK
GHTK is selling about 23% stake in a secondary sale, according to a document sent to potential investors and seen by Tech in Asia.
This development was first reported by DealStreetAsia earlier today, which identified Sea Group as the investor looking to sell about 20% stake in GHTK.
Tech in Asia understands that Sea Group and Kerry Logistics are GHTK’s two biggest foreign shareholders.
In a statement sent to Tech in Asia, GTK said that the company is “in the IPO preparation process” and aims to list on local bourse.
GHTK (which means “cost-saving delivery” in Vietnamese) was established in 2013 by several entrepreneurs including Mai Thanh Binh, founder of gaming firm Garena Vietnam and vice chairman of VNLife.
According to GHTK, it generated US$300 million in revenue and handled nearly 250 million orders in 2021.
With the boom in ecommerce and online retail, Vietnam’s express delivery market – forecasted to be worth US$2.19 billion by 2027 – is extremely competitive. At least 50 active startups are providing ecommerce logistics services in both the first-mile and last-mile sectors, according to estimates by Vietnam-based Do Ventures in 2020.
See also: Can Temasek-backed Scommerce beat a sea of rivals in Vietnam’s logistics race?
Some of GHTK’s most notable competitors include Temasek-backed GHN, J&T Express, Ninja Van, and Shopee Express, the in-house logistics arm of Shopee.
Editing by Collin Furtado and Eileen C. Ang
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