Hong Kong-based B2B marketplace GigaCloud Technology sets terms for $39 million US IPO – Renaissance Capital

GCT

GigaCloud Technology, which operates a cross-border B2B marketplace for large parcel merchandise, announced terms for its IPO on Friday.

The Hong Kong-based company plans to raise $39 million by offering 3.5 million shares at a price range of $10.25 to $12.25. At the midpoint of the proposed range, GigaCloud Technology would command a market value of $459 million.

GigaCloud provides end-to-end B2B e-commerce solutions for large parcel merchandise, including furniture, home appliances, and fitness equipment. Its global marketplace connects manufacturers, primarily in Asia, with resellers, primarily in the US, Asia, and Europe. The company allows customers to execute cross-border transactions, transporting products from the manufacturer’s warehouse to end customers at a fixed price. In 2021, the GigaCloud Marketplace had gross merchandise value of roughly $414 million.

GigaCloud Technology was founded in 2006 and booked $432 million in revenue for the 12 months ended March 31, 2022. It plans to list on the Nasdaq under the symbol GCT. Aegis Capital Corp. is the sole bookrunner on the deal.

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