By Sabela Ojea
Galleinphi has filed for an initial public offering with the Securities and Exchange Commission.
The offshore holding company, incorporated in the Cayman Islands with operations in China, on Monday said that it is offering 3 million ordinary shares at an estimated price of $4 to $6 per share.
The company's main source of revenue comes from selling electronic devices obtained from upstream enterprises.
The company expects to raise about $9.6 million from the offering, and to use about 40% of the proceeds for its market development and business expansion. Net proceeds from must be remitted to China before it can use the funds to grow its business, Galleinphi said.
Galleinphi applied to list its ordinary shares on the Nasdaq Capital Market under the symbol GALE.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
05-13-24 1652ET
