Galaxy Payroll Group, a Hong Kong-based provider of outsourced payroll and employment services, raised $7 million by offering 1.75 million shares at $4. The company had previously filed to raise $8 million by offering 2.0 million shares at $4.
Operating through its wholly-owned subsidiaries, Galaxy Payroll Group is a payroll outsourcing (54% of FY23 revenue) and employment (46%) services 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 plans to list on the Nasdaq under the symbol GLXG. R.F. Lafferty & Co. acted as sole bookrunner on the deal.
