Galaxy Payroll Group Limited Reveals Initial Offering Details

Galaxy Payroll Group Limited's Initial Public Offering Pricing

Galaxy Payroll Group Limited (the “Company” or “GLXG”) has made a significant move in the finance landscape with the recent pricing of its initial public offering (IPO). The company, known for its comprehensive payroll outsourcing services, has set the public offering price at $4.00 per share for a total of 1,750,000 ordinary shares, which will result in gross proceeds of $7,000,000 before any deductions for underwriting discounts and offering expenses. These shares are poised for listing on the Nasdaq Capital Market, under the ticker ticker symbol "GLXG".

Details and Expectations of the Offering

In the exciting lead-up to the offering, the Company has provided an opportunity for the underwriter to purchase an additional 262,500 ordinary shares at the offering price, which could be exercised within 45 days post the effective date of the registration statement. This option is designed to accommodate any over-allotments that may occur, allowing for a flexible response to market demand.

Use of Proceeds from the Offering

Galaxy Payroll Group is strategically allocating the proceeds from this offering across several critical areas to facilitate growth and operational enhancements. The breakdown is as follows: 20% for brand promotion and marketing initiatives, 20% for talent acquisition, another 20% for expanding office locations and service capabilities, 20% toward enhancing their IT systems, and the remaining 20% will be directed to general working capital. This thoughtful allocation reflects the Company’s commitment to strengthening its market position and service offerings.

Professional Backing and Support

The IPO is being managed on a firm commitment basis by R.F. Lafferty & Co., Inc., which serves as the sole underwriter. Furthermore, the law firms Pryor Cashman LLP and VCL Law LLP are providing U.S. legal counsel to support the company and underwriter in navigating the complexities of this offering.

Registration Details for the Offering

The necessary registration statement for this offering, filed on Form F-1, has been approved by the U.S. Securities and Exchange Commission (SEC). It is crucial for potential investors to review this document, alongside the final prospectus, to garner detailed insights into the company’s operations and financial projections.

About Galaxy Payroll Group Limited

Galaxy Payroll Group Limited stands out as a premier provider of payroll outsourcing services in the Asian market. With extensive experience in the payroll outsourcing and employment service sector, the company caters to a diverse clientele, including multinational corporations in countries such as mainland China, Hong Kong, Taiwan, Macau, Japan, and Australia. Their services are tailored to meet the needs of global human resource service providers as well as direct end-users who choose to outsource their payroll needs directly to the Company. The Company’s profound understanding of market trends allows it to offer superior consultancy and research services to clients planning expansion across international borders.

Frequently Asked Questions

What is the significance of Galaxy Payroll Group's IPO?

The IPO represents a crucial step for Galaxy Payroll Group Limited in raising capital for expansion and enhancing its service capabilities in the competitive payroll outsourcing market.

How many shares are being offered in the IPO?

The company is offering 1,750,000 ordinary shares at a public offering price of $4.00 each.

What will the proceeds from the IPO be used for?

The proceeds will be strategically allocated towards brand promotion, recruitment, office expansion, IT enhancements, and general working capital.

On which market will Galaxy Payroll Group's shares be traded?

The shares are expected to be traded on the Nasdaq Capital Market under the ticker symbol "GLXG".

What role does R.F. Lafferty & Co., Inc. play in the IPO?

R.F. Lafferty & Co., Inc. is acting as the sole underwriter for the offering, facilitating the sale of shares and providing market insights.

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