Galaxy Payroll Group, a payroll outsourcing service, employment service, consultancy, and market research service provider based in Hong Kong, announced the closing of its initial public offering last week.

The IPO closed on 13 September with 1,750,000 ordinary shares at an initial public offering price of USD 4.00 per share for total gross proceeds of USD 7 million before deducting underwriting discounts and other offering expenses

The ordinary shares began trading on Nasdaq Capital Market on 12 September 2024, under the ticker symbol “GLXG”.

Galaxy Payroll intends to use the proceeds from this offering for brand promotion and marketing (20%), recruitment of talented personnel (20%), expansion of new offices and servicing scope (20%), enhancement of IT systems (20%) and general working capital (20%). 

Through its operating entities and in-country partners, the company provides payroll outsourcing service services, employment service services and consultancy and market research services to customers from mainland China, Hong Kong, Taiwan, Macau, Japan, Australia and other Asian countries.