BEIJING - BingEx Limited (NASDAQ:FLX), known for its FlashEx branded courier services, announced today the pricing of its initial public offering (IPO) at $16.50 per American Depositary Share (ADS), with trading commencing on the Nasdaq Stock Market under the ticker FLX. The company is offering 4 million ADSs, which are expected to raise $66 million in gross proceeds before deductions for underwriting discounts and commissions and other offering expenses.
The underwriters, including Deutsche Bank Securities Inc., China International Capital Corporation Hong Kong Securities Limited, and CLSA Limited, have been granted a 30-day option to purchase up to an additional 600,000 ADSs at the IPO price minus underwriting discounts and commissions. The offering is anticipated to close on October 7, 2024, subject to standard closing conditions.
BingEx, a pioneer in on-demand courier services in China, has established a reputation for timely and safe deliveries, catering to both individual and business clients. The company's mission is to enhance people's lives through its services and it continues to focus on providing a superior customer experience.
This IPO marks a significant milestone for BingEx, expanding its financial capabilities and potentially its market reach. The offering is made through a prospectus that forms a part of the registration statement filed with and declared effective by the United States Securities and Exchange Commission (SEC).
The news is based on a press release statement and does not constitute an offer to sell or a solicitation of an offer to buy the securities. The sale of these securities will not be lawful in any state or jurisdiction where prior registration or qualification under the securities laws of such state or jurisdiction is required. Copies of the final prospectus related to the offering, when available, can be obtained from the listed underwriters.
Investors are advised to read the company's filings with the SEC for further information regarding risks and uncertainties. The forward-looking statements in the press release are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995 and are subject to change.
InvestingPro Insights
Following BingEx Limited's (NASDAQ:FLX) recent IPO, InvestingPro data provides additional context for investors evaluating the company's financial position and market performance.
BingEx, trading under the ticker FLX, currently has a market capitalization of $24.48 million. The company's revenue for the last twelve months as of Q4 2024 stands at $4.56 million, with a notable revenue growth of 33.83% over the same period. This growth aligns with the company's mission to expand its on-demand courier services in China.
Despite the revenue growth, BingEx is currently operating at a loss, with a negative gross profit margin of -17.35% and an operating income margin of -79.17% for the last twelve months as of Q4 2024. These figures suggest that the company is prioritizing growth and market expansion over immediate profitability, which is not uncommon for newly public companies in the tech-enabled service sector.
An InvestingPro Tip highlights that BingEx's revenue growth is accelerating, with a 32.15% increase in quarterly revenue as of Q4 2024. This acceleration could be a positive sign for investors looking at the company's growth trajectory post-IPO.
Another InvestingPro Tip notes that the stock is trading near its 52-week high, currently at 78.26% of that peak. This indicates strong investor interest following the IPO, although it's important to consider the potential for volatility in newly listed stocks.
For investors seeking a more comprehensive analysis, InvestingPro offers 9 additional tips for BingEx Limited, providing a deeper dive into the company's financial health and market position.
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