YY Group Holding, which provides smart cleaning services and a labor marketplace in Singapore and Malaysia, filed on Monday with the SEC to raise up to $7 million in an initial public offering.
The Singapore-based company plans to raise $7 million by offering 1.5 million shares at a price range of $4 to $5. At the midpoint of the proposed range, YY Group Holding would command a market value of $179 million.
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 was founded in 2010 and booked $24 million in revenue for the 12 months ended June 30, 2023. It plans to list on the Nasdaq under the symbol YYGH. The company filed confidentially on August 18, 2023. Tiger Brokers is the sole bookrunner on the deal.
