Lalatech files for IPO, eyes global expansion

HONG KONG Hong Kong-based on-demand logistics startup Lalatech Holdings Limited, which was backed by Hillhouse and Sequoia Capital, has submitted an application to the Hong Kong stock exchange for an initial public offering IPO. The company operates under the Lalamove brand in Hong Kong and elsewhere in Asia, and as Houlala in mainland China.

Lalatech, which operates in more than 400 cities in 11 markets worldwide, turned profitable in 2022 for the first time since its inception, with adjusted profit of $53.2 million.

The logistics operator plans to increase its core business and expand its service offerings in mainland China over the next three to five years, according to the prospectus filed to Hong Kong bourse on Tuesday.

The filing said that it wanted to accelerate its global expansion to capture opportunities in the logistics market and the growth in the intercity freight market.

The company did not say how much it planned to raise from its IPO or reveal a timetable for its listing.

The IPO sponsors are Goldman Sachs, BofA Securities and JPMorgan Chase.