Foxconn’s $4 Billion Unit Jusda Is Seeking Pre-IPO Financing
(Bloomberg) -- Jusda, a logistics arm of Foxconn Technology Group, is considering raising funds from private investors ahead of a potential initial public offering as early as next year, according to people familiar with the matter.
The supply chain management platform is seeking to raise $300 million to $400 million in a so-called pre-IPO round, the people said, asking not to be identified because the matter is private. The company, which has a valuation of as much as $4 billion, would use the proceeds for expansion amid a boom in logistics services, the people said.
The company is also in the early stages of evaluating a potential listing in Hong Kong in the second half of next year, the people said.
No final decision has been made as considerations are preliminary, and details such as the size of the fundraising could still change, the people said.
Foxconn spokesman Jimmy Huang said Jusda has no plan for an IPO right now, and declined to comment on the fundraising.
Jusda has more than 2.5 million square meters of warehouse space at 150 locations around the world, with over 1,500 air, ocean and truck routes, according to its website. Besides managing the transportation of goods for Foxconn, which is the largest assembler of Apple Inc.’s iPhones, it also serves as a logistics platform for more than 1,000 global brand customers.
The company, which provides services to industries including electronics manufacturing, automotive and consumer goods, raised about 2.4 billion yuan ($376 million) in a series A round in 2019, the website shows.
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