Core Points - Galaxy Payroll Group Limited has successfully closed its initial public offering, raising total gross proceeds of $7,000,000 by offering 1,750,000 ordinary shares at an IPO price of $4.00 per share [1] - The shares began trading on the Nasdaq Capital Market under the ticker symbol "GLXG" on September 12, 2024 [1] - The underwriter, R.F. Lafferty & Co., Inc., has an option to purchase an additional 262,500 shares to cover over-allotments [1] Use of Proceeds - The proceeds from the offering will be allocated as follows: - 20% for brand promotion and marketing - 20% for recruitment of talented personnel - 20% for expansion of new offices and servicing scope - 20% for enhancement of IT systems - 20% for general working capital [3] Company Overview - Galaxy Payroll Group Limited is based in Hong Kong and specializes in payroll outsourcing, employment services, and consultancy, serving clients across various Asian countries [6] - The company caters to global human resources service providers and multinational companies that outsource payroll and employment functions [6]
Galaxy Payroll Group Limited Announces Closing of $7 Million Initial Public Offering