Baiya International Group, a Chinese HR platform that connects companies and blue-collar staffing agencies, lowered the proposed deal size for its upcoming IPO on Tuesday, and added Cathay Securities as an underwriter.
The Dongguan, China-based company now plans to raise $13 million by offering 2.5 million shares at a price range of $4 to $6. The company had previously filed to offer 3 million shares at a range of $4 to $6. At the midpoint of the revised range, Baiya International Group will raise -17% less in proceeds than previously anticipated and command a market value of $62.5 million.
Through its operating subsidiary Gongwuyuan, the company focuses on providing job matching services, recruitment services, project outsourcing services, and labor dispatching services in China. It covers over 5 provinces and 30 cities, but is primarily focused on the Pearl River Delta and Yangtze River Delta.
Baiya International Group was founded in 2017 and booked $12 million in sales for the 12 months ended December 31, 2023. It plans to list on the Nasdaq under the symbol BIYA. Cathay Securities and Revere Securities are the joint bookrunners on the deal.
