Bloomberg: Hong Kong’s Lalamove confidentially files for US IPO

Lalamove operates on a pay-per-use scheme instead of a fixed contract and this is seen as a key advantage in servicing SMEs. — SoyaCincau pic
Lalamove operates on a pay-per-use scheme instead of a fixed contract and this is seen as a key advantage in servicing SMEs. — SoyaCincau pic

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HONG KONG, June 23 — Lalamove, a Hong Kong-based logistics company, has confidentially submitted paperwork with US regulators for an initial public offering, Bloomberg reported today, citing people with knowledge of the matter.

The company, which is known as Huolala in China, is looking to raise at least US$1 billion (RM4.1 billion) through the IPO, according to the report.

Lalamove did not immediately respond to a Reuters request for comment.

Founded in 2013 as a mobile app-based on-demand delivery service, Lalamove launched its operations in Dallas-Fort Worth area in October last year. It also has operations in Chicago and Houston, its website showed.

It was operating in 21 markets across Asia and Latin America prior to launching in Dallas.

The company has more than 7 million users with a pool of over 700,000 delivery partners as of October last year. — Reuters