Eastern Air Logistics Co. Ltd., the logistics arm of state-owned China Eastern Airlines, filed for an initial public offering with domestic securities regulators to raise more than 2.4 billion yuan ($348 million).

A public offering will mark the last step for the once state-controlled company to complete a two-year restructuring to diversify its ownership.

Once wholly owned by China Eastern’s listed unit, Eastern Air Logistics sold part of its equity to private investors including Legend Holdings, Global Logistic Properties Ltd. and Deppon Logistics Co. in February 2017, reducing the state holding to 45%. The company has since prepared for a public listing as a final step of the mixed-ownership restructuring.

Proceeds of the offering will be used to invest in logistics facilities, network improvements, equipment purchases and technology upgrades, said the company.

Eastern Air Logistics booked 10.7 billion yuan of revenue in 2018 and 987 million yuan of net profit, according to the prospectus. Total assets reached 5.7 billion yuan, with a debt-to-asset ratio of 47.6%.

Eastern Air Logistics’ main business covers aviation logistics, on-ground services and logistics solutions for cross-border e-commerce and other emerging business.

Related: China Eastern’s Privately-Backed Cargo Unit Plans Shanghai Listing