Taiwan, headquartered Foxconn Technology Group, whose parent name is Hon Hai Precision Industry Co., Ltd, is looking to raise funds for its logistics company. Jusda, the logistics arm, is planning to raise funds ahead of their Initial public offering early next year, according to informed sources.
Jusda, a platform for supply chain management, is looking at raising between $ 300 to $400 million from Private Equity Investors before the IPO, according to some people who did not wish to be identified as the matter is still not public. The company has a valuation of $ 4 billion and wants to use the funds to expand its logistic services during the boom period.
As per Bloomberg News, Jusda is in the early stages of its IPO planning, and they are evaluating for a potential listing in Hong Kong in the 2022 second half.
According to sources, the considerations are still at a preliminary stage; the details such as the size of the Initial Public offer could change. No final decision is made as yet, the people said.
The spokesman of Foxconn, Jimmy Huang, said that no decision for IPO has been made yet. He declined to comment on the proposed Pre IPO fundraising.
According to the website of Jusda, it has more than 2.35 million square meters of warehouse space spreading across 150 locations globally. It handles more than 1500 air, road, and rail routes. Jusda manages the transportation for Foxconn, which is Apple’s Inc. largest assembler. The company also has more than 1000 brand customers worldwide using its logistics platform.
Jusda provides logistic services to the automotive, consumer goods, and electronics manufacturing industries. According to its website, the company had raised $376 million (2.4 billion yuan) in a Series A round of funding in 2019.
