Singapore-based logistics provider Tracx Logis has announced terms for an initial public offering targeting $30 million. The cross-border logistics company plans to list on the Nasdaq at a proposed market value of approximately $344 million at the midpoint of its price range, bringing its e-commerce-focused logistics model to U.S. public markets.
Company Background
Founded in 2011, Tracx Logis provides cross-border logistics services to e-commerce merchants, smaller manufacturers, and individual shippers. The company works with a network of vendors covering first-mile, middle-mile, and last-mile transportation, as well as warehouse and customs services across Asia and other global markets.
Tracx Logis states that it operates an asset-light business model, designed to minimize ownership or long-term leasing of physical facilities and equipment.
The company was previously known as Qxpress. In 2024, Tracx Logis faced liquidity and going-concern issues connected to its then-parent company, Qoo10, which subsequently entered bankruptcy proceedings.
Tracx Logis generated $131 million in revenue for the 12 months ended December 31, 2025.
IPO Details
Tracx Logis plans to raise $30 million by offering 1.5 million shares at a proposed price range of $18 to $22 per share.
At the midpoint of the range, the company would command a market value of approximately $344 million.
The company plans to list on the Nasdaq under the symbol TRCX. Revere Securities is serving as the sole bookrunner for the offering.
No additional pricing terms were disclosed.
Market Context & Opportunities
Tracx Logis operates within the cross-border logistics market supporting e-commerce merchants and other customers shipping goods internationally. Its network-based approach connects customers with transportation, warehousing, and customs partners rather than relying primarily on ownership of physical logistics infrastructure.
The company’s asset-light model is intended to reduce its ownership or long-term leasing requirements for facilities and equipment. Its customer base, which includes e-commerce merchants, smaller manufacturers, and individual shippers, gives the company exposure to multiple sources of cross-border shipping demand.
With $131 million in revenue for the latest reported 12-month period, the proposed IPO would provide the company with a U.S. public-market listing relative to its existing operating scale.
Risks & Challenges
Tracx Logis enters the public markets with a history of financial difficulties connected to its former parent company. In 2024, the company experienced liquidity and going-concern issues related to Qoo10, which later entered bankruptcy proceedings.
The company’s cross-border operations also depend on a network of external vendors covering transportation, warehousing, and customs services. Changes in international logistics conditions or the ability of these partners to provide services could affect operations.
The proposed IPO is also relatively small at $30 million, while the company would have a proposed market value of approximately $344 million at the midpoint of the offering range.
Closing Paragraph
Tracx Logis is preparing to enter the U.S. public markets with a $30 million Nasdaq IPO, offering investors exposure to a Singapore-based provider of cross-border logistics services for e-commerce merchants, manufacturers, and individual shippers. Its asset-light operating model and $131 million in recent annual revenue provide the foundation for the offering, while its previous liquidity challenges and connection to the bankruptcy of former parent Qoo10 remain important elements of the company’s history as it approaches the proposed listing.
