LHN Logistics Limited ("LHN Logistics" or the "Company") is placing out 25.238m shares at $0.20 each via placement. The offer will close on 27 April at 12 noon and starts trading on 29 April 9am. The market cap based on the IPO price is around $33.54m. As there is no public offering, I will cover the Company briefly. Principal Business LHN Logistics is a "spin-out" from the LHN Limited, a company dual listed on both Catalist in 2015 and Mainboard of SEHK in 2017. LHN Logistics has two principal business segments - namely transportation and container depot services. According to the prospectus, the Company covers Singapore, Malaysia and Thailand, has a fleet of 430 vehicles with a strong relationship with its top 5 customers that is decade-long. It is Singapore's leading ISO tank logistics and transport service provider with 27,200 TEUs across 4 container depots. This is not your "last mile" delivery but more specialised transportation using movers and trailers...