Renaissance Capital logo

Micro-cap Asian staffing firm YY Group prices US IPO at $4, the low end of the range

April 22, 2024

YY Group Holding, which provides smart cleaning services and a labor marketplace in Singapore and Malaysia, raised $4.5 million by offering 1.1 million shares at $4.00, the low end of the range of $4.00 to $5.00.

Through its subsidiaries, YY Group provides enterprise manpower outsourcing and smart cleaning services in Singapore and Malaysia. In 2019, the company digitalized its traditional staffing processes by introducing an online marketplace for manpower outsourcing, the YY Circle Super App. The platform supports a network of users looking for both part-time and full-time work from its customers across a broad range of industries including hotels, food and beverage, and private clubs. As of June 30, 2023, YY Group had a total of 170 customers, with 72 customers in cleaning services business and 98 customers in the manpower outsourcing business.

YY Group Holding plans to list on the Nasdaq under the symbol YYGH. US Tiger Securities (Tiger Brokers) acted as sole bookrunner on the deal.

RC Note: Because YY Group raised less than $5 million in its US IPO, it will be excluded from Renaissance Capital's 2024 IPO stats and screens.