GigaCloud Technology Inc (GCT) plans to raise $28 million in an initial public offering on Friday, August 19, reports IPO Scoop. The company plans to issue 2,500,000 shares at $10.25 to $12.25 per share.
In the last 12 months, GigaCloud Technology Inc generated revenue of $414.2 million and net income of $29.3 million.
Aegis Capital acted as underwriter for the IPO.
GigaCloud Technology Inc provided the following description of their company for its IPO: “We are a pioneer of end-to-end global B2B e-commerce solutions for large packaged goods. (Incorporated in the Cayman Islands) Our B2B e-commerce platform, which we call “GigaCloud Marketplace”, integrates everything from discovery, payment and logistics tools into one easy-to-use platform. Our global marketplace seamlessly connects manufacturers, primarily in Asia, with resellers, primarily in the US, Asia and Europe, to conduct cross-border transactions securely, quickly and efficiently. We offer a true all-in-one solution, transporting products from the manufacturer’s warehouse to the end customer, all at a fixed price. We first launched our marketplace in January 2019 by focusing on the global furniture market and have since expanded to include additional categories such as home appliances and fitness equipment. GigaCloud Marketplace is one of the fastest growing B2B marketplaces for large packages with over $438.1 million in Gross Merchandise Value (GMV) for the 12 months ended 31st in full year 2021 and up from $190.5 million in GMV , which were processed on our marketplace in the full year 2020 Prospectus. (See Sales and Net Income in the table that is part of this IPO Profile.) We built the GigaCloud Marketplace to democratize access and distribution worldwide so manufacturers who are typically sellers on our marketplace and online resellers, the normally buyers are our marketplace,could trade without limits. Manufacturers consider our marketplace an essential sales channel for thousands of online retailers in the US and Europe. Our GigaCloud Marketplace enables manufacturers to ship their products all over the world. Additionally, online retailers may lack the resources and infrastructure to manage a global supply chain and support international distribution. Our integrated e-commerce solutions enable online resellers to offer products and services comparable to those offered by major e-commerce platforms, giving them access to a large and growing catalog of products at wholesale prices , backed by industry-leading global fulfillment capabilities. To improve our marketplace experience, we sell our own (1P) inventory through the GigaCloud Marketplace and to and through third-party e-commerce sites such as Rakuten in Japan, Amazon and Walmart in the US, and Wayfair in the UK for large package products. We operate warehouses in four countries in North America, Europe and Asia. The US is our largest market. We operate 21 major warehouses around the world totaling over 4 million square feet of storage space, cover 11 ports of destination with over 10,000 containers per year and have an extensive shipping and trucking network through partnerships with major shipping, trucking and freight service providers. By serving the entire supply chain, we offer sellers and buyers on our marketplace improved visibility into product inventory, reducing turnaround time and lowering transaction costs. On average, we can deliver products to end customers within a week of placing their order and at a fixed price that is cheaper than standard FedEx and UPS rates. (Note: GigaCloud Technology Inc. reduced the size of its IPO from 3.5 million shares to 2.45 million shares in an F-1/A filing dated July 27, 2022, maintaining the price range at 10.25 to 12.25 Under the new terms, the IPO would raise $27.56 million — down 30 percent from its previous estimate of $39.38 million.1 on July 8, 2022, with Aegis Capital Corp. as the sole bookrunner; the company filed confidential IPO filings with the SEC on May 21, 2021, with BofA Securities and Wells Fargo Advisors as joint bookrunners.)”.
GigaCloud Technology Inc was founded in 2006 and has 694 employees. The company is located at Unit A, 12/F, Shun Ho Tower 24-30 Ice House Street Central Hong Kong and can be reached by phone at +852 2369-8219 or web at https://www.gigacloudtech.com/.
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