Armlogi Holding, which provides cross-border warehousing and logistics services, filed on Monday with the SEC to raise up to $11 million in an initial public offering.
The Walnut, CA-based company plans to raise $11 million by offering 2 million shares at a price range of $5 to $6. At the midpoint of the proposed range, Armlogi Holding would command a market value of $231 million. The IPO float is just 4.8% of basic shares outstanding.
Armlogi Holding provides one-stop warehousing and logistics services to cross-border e-commerce merchants outside the US who seek to sell in the US market. The company offers a full spectrum of services, including customs brokerage services, transportation of merchandise to US warehouses, and warehouse management and order fulfillment services. Armlogi currently operates six warehouses across the country, and as of March 31, 2023, it had an active customer base of 58 merchants for its warehousing and logistics services.
Armlogi Holding was founded in 2020 and booked $112 million in revenue for the 12 months ended March 31, 2023. It plans to list on the Nasdaq under the symbol BTOC. The company filed confidentially on April 28, 2023. Prime Number Capital is the sole bookrunner on the deal.
