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Hong Kong-based Galaxy Payroll lowers deal size by 36% ahead of $8 million US IPO

October 17, 2023

Galaxy Payroll Group, a Hong Kong-based provider of outsourced payroll and other business services, lowered the proposed deal size for its upcoming IPO on Tuesday. In its latest filing, the company also disclosed financials for the fiscal year ended June 30, 2023.

The company now plans to raise $8 million by offering 2 million shares at $4. The company had previously filed to offer 2.5 million shares at $5. At the revised terms, Galaxy Payroll Group will raise 36% less in proceeds than previously anticipated.

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 $4 million in revenue for the 12 months ended June 30, 2023. It plans to list on the Nasdaq under the symbol GLXG. Prime Number Capital is the sole bookrunner on the deal.