Galaxy Payroll Group Ltd. Prices IPO at $4.00 Per Share (GLXG)

Galaxy Payroll Group Ltd. (GLXG) expects to raise $8 million in an IPO on Thursday, September 12th, IPO Scoop reports. The company plans to issue 2,000,000 shares at $4.00 per share.

In the last twelve months, Galaxy Payroll Group Ltd. generated $4 million in revenue and $990,000 in net income. The company has a market-cap of $72 million.

R.F. Lafferty & Co. served as the underwriter for the IPO.

Galaxy Payroll Group Ltd. provided the following description of their company for its IPO: “Galaxy Payroll Group Ltd., a holding company incorporated in the British Virgin Islands, is offering the shares in this IPO. Our principal executive offices are in Hong Kong. (Incorporated in the British Virgin Islands) As a holding company with no operations, we are not a Chinese operating company. Our operations are conducted by our Operating Entities, which are our indirect wholly owned subsidiaries, Galaxy Payroll Services Limited (“Galaxy Payroll (HK)”), Galaxy GEO Services Limited (“Galaxy GEO Services”), Galaxy Corporate Management Consultancy (Shenzhen) Limited (“Galaxy HR (SZ)”), Galaxy Human Resources Limited (“Galaxy HR (TW)”), and Galaxy Recursos Humanos (Macau) Limitada (“Galaxy HR (Macau)”). In addition to outsourced payroll services, our subsidiaries also offer employment services, market research services and consulting services to companies in the retail, trading, industrial, financial, professional services, IT and healthcare industries.   *Note: Net income and revenue are in U.S. dollars – converted from the Hong Kong dollar – for the year that ended Dec. 31, 2023.  (Note: Galaxy Payroll Group Ltd. disclosed in an F-1/A filing dated April 10, 2024, that its sole book-runner is R.F. Lafferty &  Co. – a change from Prime Number Capital.) (Note: Galaxy Payroll Group Ltd. cut its IPO’s size to 2.0 million shares – down from 2.5 million shares – and cut the assumed IPO price to $4.00 – down from $5.00 –  to raise $8.0 million, according to an F-1/A filing dated Oct. 17, 2023. (Background: Galaxy Payroll Group Ltd. cut its IPO’s size in an F-1/A dated Aug. 1, 2023, to 2.5 million ordinary shares – down from 4.0 million shares – and set the assumed IPO price at $5.00 – to raise $12.5 million. The company had not previously set an assumed IPO price or a price range. Background: Galaxy Payroll Group Ltd. filed its F-1 dated Dec. 28, 2022, for its IPO: 4.0 million ordinary shares to be offered by the company and the IPO price range was not disclosed. The selling stockholder will sell 960,000 shares. The company will NOT receive any proceeds from the sale of the selling stockholder’s shares.) (Note – From the prospectus: “On December 19, 2022, the Company filed Amended and Restated Charter with the Registrar to increase our authorized shares from 50,000 Ordinary Shares, par value of US$1 per share, to unlimited number of Ordinary Shares, par value of US$0.000625 per share and effectuated a forward split of all issued and outstanding shares at a ratio of 1,600:1.”) “.

Galaxy Payroll Group Ltd. was founded in 2013 and has 80 employees. The company is located at 25th Floor, Ovest 77 Wing Lok Street Sheung Wan, Hong Kong and can be reached via phone at +852 3105 2611 or on the web at http://www.galaxy-hk.com/.