Galaxy Payroll Prices IPO of Over 1.7 Million Shares at $4 per Share

MT Newswires Live09-12

Galaxy Payroll Group (GLXG) said Thursday that it has priced its initial public offering of 1.75 million shares at $4 each for total gross proceeds of $7 million.

The company previously said it was expecting to price the IPO at $4 per share, according to a registration statement filed with the US Securities and Exchange Commission.

Trading is expected to begin on Sept. 12 under the 'GLXG' ticker.

The company also provided the underwriter with an option to buy an additional 262,500 shares if needed.

Proceeds from the offering, which closes on Sept. 13, will fund brand promotion, recruitment, office expansion, IT upgrades, and general working capital.

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