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Hong Kong-based Galaxy Payroll Group (GLXG) has filed for a proposed $25M initial public offering.
Galaxy didn’t specify in the filing the number or price of the shares to be offered, but indicated in a filing fee schedule that it was looking to raise up to $25M. The company hopes to list its shares on Nasdaq under the symbol GLXG. Prime Number is serving as lead bookrunner.
Incorporated in the British Virgin Islands, Galaxy operates through subsidiaries in Hong Kong, China, Taiwan and Macau. The company provides payroll outsourcing, employment, and market research services.
Galaxy has been profitable. For the fiscal year ended June 30, Galaxy reported net income of $3M on revenue of $6M.
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Image and article originally from seekingalpha.com. Read the original article here.