The IPO Buzz: BingEx Ltd. (FLX) Prices IPO at $16.50 – Just Above the Mid-Point

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 are expected to trade Friday, Oct. 4, 2024, on the NASDAQ.  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. (For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’s website.) Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board. To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message. Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions. Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions or anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.