Freight brokerage and transportation business LeeWay Services files for IPO

LeeWay Services Inc., a freight brokerage and transportation business, filed for an initial public offering on MOnday with plans to list on Nasdaq under a yet-to-be-determined ticker. The company did not offer any details of size, but said ThinkEquity will be sole underwriter. “We operate a freight brokerage and transportation business, providing comprehensive transportation management solutions for shippers and carriers,” the company said in filing documents. “Established in the early 1980s and headquartered in Salt Lake City, Utah, we deliver a one-stop freight management platform that connects shippers with truckers to facilitate shipments across distance ranges, cargo weights, and types.” The company also started to operate a specialty financial services business in 2019 and is expecting it to become a net-gen, cloud-based financing platform for small and medium-sized companies in the e-commerce space. The company had net income of $900,285 in the three months through March 31, up from $47074 in the year-earlier period. Revenue rose to $12.2 million from $4.6 million a year ago. The Renaissance IPO ETF has fallen 48% in the year to date, while the S&P 500 has fallen 18%.

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