Singaporean logistics service provider Tracx Logis (TRCX.US) applies for US listing to raise US$22 million

The Zhitong Finance App learned that Tracx Logis, a Singaporean logistics service provider focusing on cross-border logistics services, submitted an application to the US Securities and Exchange Commission (SEC) on Tuesday and plans to raise up to $22 million through an initial public offering (IPO). The company plans to list on major US exchanges under the stock code “TRCX”, and has not disclosed the terms related to the issuance pricing.

Tracx Logis provides cross-border logistics services for e-commerce merchants, small manufacturers, and individual shippers. Tracx Logis works with a wide range of suppliers in Asia and around the world, including first-line, terminal delivery, trunk shipping, warehousing, and customs partners. The company said it is adopting an asset-light business model to reduce the need for owned or long-term leasing of physical facilities and equipment. In 2024, TracX Logis (previously known as Qxpress) faced operational difficulties due to liquidity problems and ongoing business risks at its parent company Qoo10 at the time. Subsequently, Qoo10 went into bankruptcy proceedings.