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Hong Kong-based business services provider Galaxy Payroll sets terms for $13 million US IPO

August 1, 2023

Galaxy Payroll Group, a Hong Kong-based provider of outsourced payroll and other business services, announced terms for its IPO on Tuesday.

The company plans to raise $13 million by offering 2.5 million shares at $5. At the proposed price, Galaxy Payroll Group would command a market value of $93 million.

Concurrently, selling shareholders are registering 0.6 million shares pursuant to a separate resale prospectus.

Operating through its wholly-owned subsidiaries, Galaxy Payroll Group is a payroll outsourcing, employment, and consultancy and market research service provider. The company serves customers across the retail and trading, industrial, IT, financial, professional services, professional institution and education, and healthcare industries. 

Galaxy Payroll Group was founded in 2013 and booked $5 million in revenue for the 12 months ended December 31, 2022. It plans to list on the Nasdaq under the symbol GLXG. Prime Number Capital is the sole bookrunner on the deal.