Shanghai ANE Logistics Ltd, a less-than-truckload (LTL) shipping operator, has filed for an initial offering (IPO) on the main board of the Hong Kong Stock Exchange.
The company did not disclose the size of the offering in its IPO filing. According to a February report by Bloomberg, ANE Logistics was mulling a $500 million listing.
ANE Logistics plans to use the IPO proceeds to acquire up to 10 key transit hubs in strategic locations, boost its line-haul truck fleet, develop its technology further and meet working capital requirements.
CICC Capital and JPMorgan Chase are the joint sponsors of the IPO.
ANE’s key shareholders include Centurium Capital (27.81% stake), CDH Investments (10.39%) and CPE (6.87%). Other investors include NWS Holdings, Ping An, Carlyle Group, GBA Investments and Goldman Sachs.
Founded in 2010, ANE Logistics operates an express freight network. It claims to have registered the largest freight volume in 2020 at approximately 10.2 million tons and boasts a market share of 17.2%.
ANE’s annual revenue from its less-than-truckload business stood at 5.3 billion yuan ($831 million) in 2019 and 7.1 billion yuan ($1.1 billion) in 2020. It incurred a net loss of 214.9 million yuan ($33.44 million) in 2019 and a net profit of 218.2 million yuan ($33.96 million)in 2020.
Before filing for the IPO, in February 2021, ANE Logistics had secured about $300 million in a strategic investment led by CPE that was joined by Greater Bay Area Homeland Investments (GBA Investments), Creo Capital, Huagai Capital and NWS Holdings.
In January last year, Centurium Capital, Goldman Sachs and Carlyle Group had collectively injected over $300 million in a Series F round in ANE Logistics.