Armlogi Holding Corp., known as Armstrong Logistic, has recently filed for an initial public offering (IPO) in an effort to raise up to $12 million. This California-based company, specializing in warehousing and logistics services, plans to offer 2.0 million shares in the IPO. The projected price range for each share is between $5 and $6, bringing the estimated valuation of the company up to $252 million.
Details of the IPO
The anticipated stock listing for Armlogi Holding Corp. is on the Nasdaq exchange, where it will trade under the ticker symbol "BTOC." Prime Number Capital LLC has been appointed as the underwriter for this IPO.
Growth and Financials
Showing promising growth, the company reported a net income of $9 million with a revenue of $87 million for the nine months ending on March 31. This represents a significant improvement compared to a net loss of $43,000 and a revenue of $30.5 million from the same period the previous year.
Market Conditions
Armlogi Holding Corp.'s decision to go public coincides with a relatively challenging period for the IPO market. Within the past three months, the Renaissance IPO ETF has experienced a slight decline of 0.8%. In comparison, the S&P 500 has experienced a more moderate decrease of 0.7%.
Amidst these market conditions, Armlogi Holding Corp. remains optimistic about its upcoming IPO and seeks to leverage its recent success to fuel further growth and expansion.
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