Deliveryman checking packages to be delivered. Photo: iStock

Deppon Logistics Co. Ltd., a Chinese firm handling less-than-truckload or full-truckload (LTL and FTL) transportation and express services, has been given the green light for an IPO, the seventh domestic logistics giant to go public, reported.

According to its IPO prospectus, the company plans to issue no more than 150 million shares to raise a total 2.988 billion yuan. 

The company said the funds raised will be used for building branches, purchasing LTL transportation or express vehicles and equipment and setting up an information integration platform. 

The annual income of the company exceeded 17 billion yuan in 2016, a 31.57% rise from a year earlier. Over the same period, net profits grew 12.7% to 380 million yuan.