Linklogis, a China-based supply chain financing provider backed by corporate investors Bertelsmann, GLP, Skyworth and Tencent, filed for an initial public offering on the Hong Kong Stock Exchange today.
The offering will involve the company selling nearly 453 million shares priced between HK$16.28 and HK$18.28 each to potentially raise HK$8.3bn ($1.06bn) at the latter price.
The shares are set to be priced on March 31 ahead of a listing on April 9, while Goldman Sachs and China International Capital are joint sponsors.
BlackRock and Fidelity will each invest $100m to anchor a $365m deal to acquire the company’s stock. Janus Henderson Funds, Ontario Teachers’ Pension Plan Board and Sequoia China will each put up $50m, with the reaming $15m coming from EDB Investments.
Founded in 2016, Linklogis has built a business-to-business supply chain financing platform focusing on the domestic market that is equipped with artificial intelligence, big data, blockchain and cloud computing technologies.
The company most recently raised an undisclosed amount from financial services firm Standard Chartered in a series C-plus round in January 2020.
Media group Bertelsmann’s Asia Investments (BAI) unit, logistics group GLP, electronics manufacturer Skyworth and internet company Tencent all took part in a $220m series C round for Linklogis in 2018.
The series C round was led by Singaporean state-owned GIC and also featured China Oceanwide, Citic Capital, Loyal Valley Capital and Welight Capital.
BAI and Tencent had already backed the company’s $30m series B round in 2017, investing alongside China Merchants Venture Capital Management, Citic and Loyal Valley, after Tencent, Citic and Loyal Valley had injected $15m in series A funding the year before.
