Galaxy Payroll Group Ltd. (GLXG) of Hong Kong downsized its IPO at pricing – to 1.75 million shares – down from 2.0 million shares in the prospectus – and priced the deal at $4.00, as expected – to raise $7.0 million on Wednesday night, Sept. 11, 2024. Galaxy Payroll’s stock started trading today – Thursday, Sept. 12, 2024 – at $4.44 – up 44 cents or 11 percent – at 12:25 p.m. EDT on the NASDAQ on volume of 198,666 shares.
R.F. Lafferty was the sole book-runner.
Galaxy Payroll Group Ltd. is a holding company whose wholly owned subsidiaries offer outsourced payroll services, employment services, market research services and consulting services to companies, the prospectus said. Galaxy’s clients are companies in the retail, trading, industrial, financial, professional services, IT and healthcare sectors, according to the prospectus. The holding company is incorporated in the British Virgin Islands.
For the year that ended on Dec. 31, 2023, Galaxy Payroll Group was profitable – with net income of $0.99 million ($990,000) on revenue of $3.96 million, according to the prospectus.
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