Crescendo-Backed Singapore Startup Qxpress Weighs U.S. IPO

(Bloomberg) -- Qxpress Pte, a pan-Asia cross-border logistics company whose investors include a firm backed by Peter Thiel, is weighing an initial public offering in the U.S. as soon as next year, according to people with knowledge of the matter.

The Singapore-based company, which offers delivery, warehousing and cargo shipping services, is working with Deutsche Bank AG and Goldman Sachs Group Inc. on the potential first-time share sale, said the people, who asked not to be identified as the process is private. A listing in New York could value Qxpress from $500 million to $1 billion, said the people.

Deliberations are ongoing and details of the IPO’s size, valuation and timing could change, said the people. Representatives for Deutsche Bank, Goldman Sachs and Qxpress declined to comment.

A listing would see Qxpress join other Singaporean startups including Carousell Pte, PropertyGuru Pte and Grab Holdings Inc. in planning to go public in the U.S. Others in the region such as Malaysia’s Carsome Sdn. and Indonesia’s GoTo are also considering a listing in New York, Bloomberg News reported.

Qxpress’s investors include Crescendo Equity Partners, a private equity firm sponsored by PayPal Holdings Inc. co-founder Thiel, the buyout firm’s website shows. Qxpress raised $50 million in 2019 in a funding round led by Crescendo, according to a report. 

Qxpress started in 2011 as the logistics arm of online marketplace Qoo10. Now an affiliate of Qoo10, the cross-border logistics and fulfillment platform has expanded to work with other logistics companies and operates in markets including South Korea, Japan, China, India and Southeast Asia. 

Qoo10 and Qxpress founder Ku Young Bae is a serial entrepreneur who started South Korean e-commerce pioneer Gmarket in 2000 before he founded Qoo10 and Qxpress in Singapore. Qxpress offers a range of international and local services including next-day and three-hour local delivery.

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