GigaCloud Technology, the Hong Kong-based operator of a cross-border B2B marketplace for large parcel merchandise, has trimmed the target size for its upcoming initial public offering (IPO) in the US to about $28 million, its latest filing showed.
The company, which is backed by Chinese e-commerce conglomerate JD.com, had originally filed to offer 3.5 million shares at a price range of $10.25-12.25 but its amended filing showed it lowered the deal size by offering 2.5 million shares instead at the same range.