JD-backed GigaCloud Technology trims US IPO target to $28m

Photographer: Victor J. Blue/Bloomberg

GigaCloud Technology, the Hong Kong-based operator of a cross-border B2B marketplace for large parcel merchandise, has trimmed the target size for its upcoming initial public offering (IPO) in the US to about $28 million, its latest filing showed.

The company, which is backed by Chinese e-commerce conglomerate JD.com, had originally filed to offer 3.5 million shares at a price range of $10.25-12.25 but its amended filing showed it lowered the deal size by offering 2.5 million shares instead at the same range.

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