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Chinese electronics wholesaler Galleinphi files and sets terms for a $15 million US IPO

May 13, 2024

Galleinphi, a Chinese wholesaler of consumer electronics, filed on Monday with the SEC to raise up to $15 million in an initial public offering.

The Hangzhou, China-based company plans to raise $15 million by offering 3 million shares at a price range of $4 to $6. At the midpoint of the proposed range, Galleinphi would command a market value of $115 million.

Operating through a VIE and its subsidiaries, the company primarily wholesales electronic equipment, including mobile devices, televisions, air conditioners, and other items. Main products include Apple branded mobile devices, Xiaomi branded televisions, Midea branded air conditioners, and Xiaomi smartphones. From time to time, the VIE and its subsidiaries also sell other products which mainly include medical supplies, furniture, non-metallic mineral products, and other items. 

Galleinphi was founded in 2021 and booked $87 million in revenue for the 12 months ended December 31, 2023. It plans to list on the Nasdaq under the symbol GALE. The company filed confidentially on December 21, 2023. Tiger Brokers is the sole bookrunner on the deal.