Logistics startup GogoX wins Hong Kong exchange approval for IPO

[HONG KONG] GogoX, the Hong Kong-based logistics startup, has won stock exchange approval for its planned initial public offering in the city, people with knowledge of the matter said.

The company received the green light following a hearing Thursday (Jan 27) with the Hong Kong bourse's listing committee, according to the people, who asked not to be identified because the information is private. It could start gauging investor demand as soon as next week, though the timeline is fluid due to the upcoming Chinese New Year holidays, the people said.

GogoX could raise about US$300 million in a listing, the people said. The startup had considered seeking around US$400 million to US$500 million from the IPO, Bloomberg News reported last year.

Terms of the offering haven't been finalised, and details of the share sale could change, the people said. A representative for the company declined to comment.

Founded in 2013, the company provides services via its app in over 340 cities with about 4.5 million registered drivers, according to its website. It has expanded to countries including Singapore, India, Vietnam and mainland China. BLOOMBERG