According to Tech in Asia, GHTK is aiming for a domestic IPO in Q4/2022 to raise capital and deal with increasing competition in the logistics sector.
In a document called Project GNext sent to potential investors, GHTK is offering about 23% of the shares in the second sale. Sea Group wants to sell about 20% of GHTK's shares. Sea Group has invested in the Vietnamese delivery company since 2017, according to Tech in Asia.
GHTK was founded in 2013 by a group of entrepreneurs, including Mr. Mai Thanh Binh, founder of Garena Vietnam game company and vice president of VNLife. According to its announcement, the company generated $300 million in revenue and processed nearly 250 million orders in 2021.
Currently, GHTK is present in 63 provinces and cities with more than 20 operation centers, over 1,000 trucks, and over 700 branches with a total warehouse area of over 220,000 square meters.
The company's customers are small and medium-sized stores and online businesses, with light-weight orders and requiring fast shipping time.
Vietnam's e-commerce and online retail market, and express delivery market is an extremely competitive segment, which is forecast to value US$2.19 billion by 2027.
At least 50 startups offered door-to-door delivery services in Vietnam in 2020, according to Vietnam-based Do Ventures. Some major competitors of GHTK include Temasek-backed GHN, J&T Express, Ninja Van and Shopee Express of Shopee.
Grab, ShopeeFood, Baemin and Gojek are sharing the Vietnamese online food delivery market, which is becoming more attractive amid the pandemic.