Eastern International (ELOG) to Raise $7 Million in IPO

Eastern International (ELOG) expects to raise $7 million in an IPO on the week of March 3rd, IPO Scoop reports. The company will be issuing 1,600,000 shares at a price of $4.00-$5.00 per share.

In the last twelve months, Eastern International generated $40.5 million in revenue and $1.1 million in net income. Eastern International has a market cap of $54.1 million.

Maxim Group LLC acted as the underwriter for the IPO.

Eastern International provided the following description of their company for its IPO: “We handle domestic and cross-border logistics. (Incorporated in the Cayman Islands) We, through Suzhou TC-Link, provide domestic and cross-border professional logistics services, including project logistics and general logistics for our clients. Suzhou TC-Link was established on January 9, 2006, in Jiangsu Province, China.  Our project logistics services mainly include construction project logistics and special cargo logistics for large or precision equipment. Construction project logistics range from a certain stage or the entire process of construction projects, including purchase, packaging, storage, loading and unloading, transportation, fixation, installation of the equipment and machinery for construction as well as other related logistics services. We primarily provide our logistics solution services for new energy projects (including wind power turbine, photovoltaic, renewable energy storage, etc.), chemical equipment, engineering and infrastructure construction projects (including roads and bridges, tunnel construction). Special cargo logistics for large or precision equipment refer to logistic services to the manufacturers or purchasers of special and customized large and/or precision equipment, such as stamping machines, lathe, aircraft engines, and others. We study the operations of our clients, analyze their logistics needs and provide them with specific solutions which will improve the cost efficiency and achieve higher services’ quality). We have provided logistics services in China for wind power turbine projects which were exported to numerous countries, including Vietnam, the UAE,  Australia, South Africa and Chile. Our general logistics services refer to the transportation, warehousing, loading and unloading, and distribution of ordinary products. For instance, we provide logistic services for household appliances manufacturers, including the transportation of goods from manufacturing factories to warehouses, and to distributors’ warehouses nationwide, according to customers’ instructions. Delivery can be made in whole truckload or less than truckload. We have built a network with subsidiaries and offices in Suzhou, Wuxi, Yancheng, Chengdu, Chongqing, Guangzhou, Shenzhen, Kunming and Mohan, covering most  major cities and areas in China. The company has offered its cross-border logistics services since 2019, with the focus mainly on inland transportation and railway transportation between Mainland China and Southeast Asia countries for cargoes such as bulk commodities, electronic products, tires, new energy equipment and other machinery. For example, we completed transportation from Laos to China of 707 units of 40ft containers, 914 units of 20ft containers and 244 units of open top containers for rubber, iron ore, barley and Cassava starch in 2022. We also provided service for the shipment of washing machines through the China-Europe Railway Express to Europe. The company owns 20 trucks. We have cooperative relationships with other owners and drivers for over 2,000 trucks for domestic long-distance transportation and less-than-carload (shipments of) goods. When we receive orders and projects, we make inquiries to these drivers/owners and ask them to provide a fee estimate for the job. If they provide a reasonable price or their prices are less than the cost of using our own trucks, we will engage these drivers to undertake the transportation. Note: Net income and revenue are for the year that ended March 31, 2024.  (Note: Eastern International filed its F-1 on Sept. 3, 2024, disclosing terms for its micro-cap IPO: 1.6 million shares at a price range of $4.00 to $5.00 to raise $7.2 million, if priced at the $4.50 mid-point of its range. Background: Eastern International submitted confidential IPO documents to the SEC on March 22, 2024.) “.

Eastern International was founded in 2016 and has 131 employees. The company is located at Suite 901-903, 9th Floor, Building #2, Qianwan Zhigu Chuanhua Smart CenterScience and Technology City Block Xiaoshan Economic and Technological Development Zone Xiaoshan District, Hangzhou, Zhejiang Province, China 311231 and can be reached via phone at + (86) -571-8235-6096.