Delivery company Giaohangtietkiem (GHTK) is planning a domestic IPO with a valuation of up to $1 billion.
According to Tech in Asia, GHTK is targeting a domestic IPO in Q4 2022 to raise capital and weather increasing competition in the logistics sector.
In a document called Project GNext, which was sent to potential investors, GHTK is offering about 23% stake in the second sale. The Sea Group wants to sell about 20% of the GHTK shares. According to Tech in Asia, Sea Group has invested in the Vietnamese delivery company since 2017.
GHTK was established in 2013 by a group of entrepreneurs including Mr. Mai Thanh Binh, Founder of Garena Vietnam game company and Vice President of VNLife. According to its announcement, the company generated sales of $300 million in 2021 and processed nearly 250 million orders.
Currently, GHTK is present in 63 provinces and cities with more than 20 operation centers, over 1,000 trucks and over 700 branches with a total storage area of over 220,000 square meters.
The company’s customers are small and medium-sized stores and online businesses with low order volumes and fast delivery times.
Vietnam’s e-commerce, online retail and express shipping market is a highly competitive segment that is expected to be worth US$2.19 billion by 2027.
According to Vietnam-based company Do Ventures, at least 50 startups in Vietnam offered door-to-door delivery services in 2020. Some of GHTK’s main competitors are Temasek-backed GHN, J&T Express, Ninja Van, and Shopee’s Shopee Express.
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