CMA Logistics, a GEM-board listing candidate, started marketing its up to $148.5 million float yesterday, testing the market with returns of seven to 8.3 times forecast earnings, sources said. The logistics service provider is offering 55 million shares at an indicative price range of $2.30 to $2.70 each, all by placement. The main business streams of the company include logistics services for car manufacturers and car component makers. These involve providing transport of vehicles and supply-chain management. The initial response to the offering was positive as fund managers believe there is growth potential in the mainland logistics industry, the sources said. Changan Automobile, Changan Ford and Changan Suzuki are major customers of the company. APL Logistics, a subsidiary of Neptune Orient Lines - a global container transport and supply-chain management company - owns 20.7 per cent stake in CMA Logistics. Sources said the company forecast a 55 million yuan profit for the year to December last year. CMA Logistics shares are tentatively set to start trading on February 23. Anglo Chinese Group is the sponsor of the offering while China Everbright Securities is the sole bookrunner and exclusive lead manager.