BingEx Ltd (FLX) priced its IPO at $16.50 – just above the mid-point of its $15.00-to-$17.00 price range – and sold 4.0 million American Depositary Shares (ADS) – the number in the prospectus – to raise $66.0 million on Thursday night, Oct. 3, 2024. The ADS opened flat – at $16.50 – on NASDAQ at 10:57 a.m. EDT today – Friday, Oct. 4, 2024 – on volume of about 96,000 shares – and then took off. At about 12:09 p.m. EDT on Friday, BingEx Ltd. ADS were up $1.92 or up 11.64 percent from their IPO price to trade at $18.42 on NASDAQ volume of 993,624 shares. BingEx ADS touched a session high of $21.95 – up $5.45 for a 33 percent gain from their IPO price of $16.50, which was also their opening trade on NASDAQ and their session low.
BingEx Ltd.’s ADS closed at $18.01 – up $1.51 or up 9.15 percent from their $16.50 IPO price – in their NASDAQ debut on Friday, Oct. 4, 2024, on volume of 1,378,635 shares.
Deutsche Bank Securities, CICC and CLSA acted as the joint book-runners.
BingEx Ltd., based in Beijing, is the holding company of a courier service known as “FlashEx.” The company described its business in the prospectus:
“We are the pioneer in providing on-demand dedicated courier services for individual and business customers with superior time certainty, delivery safety and service quality. We brand our services as “FlashEx,” or “闪送” (pronounced as “Shan Song”) in Chinese, which means delivery in a flash. FlashEx has become synonymous with on-demand dedicated courier services in China, according to iResearch. We are the largest independent on-demand dedicated courier service provider in China as measured by revenue in 2023, according to iResearch. “
BingEx Ltd. was profitable in 2023. The Chinese holding company reported net income of $15.2 million on revenue of $623 million for the year that ended Dec. 31, 2023.
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