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Galaxy Payroll Group (GLXG) announced the closing of its underwriter's over-allotment option in connection with its Initial Public Offering (IPO). The company sold an additional 262,500 ordinary shares at the IPO price of $4 per share, raising gross proceeds of $1,050,000. This is in addition to the previously announced IPO gross proceeds of $7,000,000.
The total offering, conducted on a firm commitment basis, raised $8,050,000 before deducting underwriting discounts and offering expenses. R.F. Lafferty & Co., Inc. acted as the sole underwriter for the offering. The IPO was registered with the SEC under File No. 333-269043 and declared effective on September 10, 2024.
Galaxy Payroll Group (GLXG), a Hong Kong-based payroll outsourcing and employment services provider, has successfully closed its initial public offering on September 13, 2024. The company raised $7 million by offering 1,750,000 ordinary shares at $4.00 per share. GLXG began trading on the Nasdaq Capital Market on September 12, 2024, under the ticker symbol 'GLXG'.
The underwriter, R.F. Lafferty & Co., Inc., has a 45-day option to purchase up to 262,500 additional shares. GLXG plans to use the proceeds for brand promotion, recruitment, office expansion, IT system enhancement, and working capital, allocating 20% to each category.
Galaxy Payroll Group (GLXG) has announced the pricing of its initial public offering (IPO) of 1,750,000 ordinary shares at $4.00 per share, aiming to raise $7,000,000 in gross proceeds. The shares are set to begin trading on the Nasdaq Capital Market on September 12, 2024, under the ticker symbol 'GLXG'. The underwriter, R.F. Lafferty & Co., Inc., has a 45-day option to purchase up to an additional 262,500 shares to cover over-allotments.
The Hong Kong-based company plans to use the proceeds for brand promotion (20%), recruitment (20%), office expansion (20%), IT system enhancement (20%), and general working capital (20%). The offering is expected to close on September 13, 2024, subject to customary conditions.
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