Find all the details of the initial public offering (IPO) of Galaxy Payroll Group Ltd.

Galaxy Payroll Group Ltd. has published that its IPO has been floated on September 12, 2024. It provides comprehensive payroll management and HR solutions tailored to meet the needs of businesses of all sizes. The company aims to gather US$8.0 million with 2,000,000 shares, with a price of US$4.00 per share.

Table of Contents

• Company Overview
• Company Strategy
• IPO Profile
• IPO Objective
• Application Process of IPO
• Financial Analysis of Company
• Competitor Analysis
• Details on Company Management
• Manager/ Joint Manager
• Company Address

Company Overview

Galaxy Payroll Group Ltd. is an end-to-end payroll service and human resource solutions provider for businesses in different sectors and sizes. It focuses on providing professional, effective, and legal payroll services, taxes, bonuses, and immediate coverage. Being customer-centered, Galaxy Payroll Group employs advanced tools to automate payroll services, guaranteeing efficiency, preciseness, and protection of the information. Their highly qualified staff offers professional assistance to assist organizations in the effective administration of human resources to pursue business objectives efficiently with adherence to legal requirements.

Company Strategy

Galaxy Payroll Group Ltd’s corporate and business strategy involves offering integrated payroll and human resources services in several locations, such as Hong Kong, Mainland China, Taiwan, and Macau. The company has adopted a “plug and play” model, where clients can outsource tough payrolls via the platform depending on the nature of international employment compliance required. It aims to grow its service portfolio, increase its operational effectiveness, and increase its market influence within the emerging global employment services market through the use of sophisticated technology and numerous partners.

IPO Profile

 IPO Objective:

The IPO money of Galaxy Payroll Group Ltd. will be used for improving the payroll and human resource services in the company’s operating areas, investing in operational technology to automate many procedures, and growing new markets. The supply of this capital is expected to help the firm increase its financial capacity for clients and respond to growth in the human resources service market.

Application Process of IPO

To invest in NASDAQ, it is necessary to make use of a brokerage account. As a first step, enroll in a reliable brokerage firm that offers trading in NASDAQ, and fill out the registration form with your basic and financial information. In the next step, make some deposits into your account in preparation for buying shares. Upon registration of the account, fund the account and then proceed to the trading platform. Go to the GLXG and type the number of shares you wish to buy. If you prefer, you can enter a market order at the prevailing market price or a limit order at which you do not wish to pay more and leave a submitted order.

Financial Analysis of the Company

Financials in millions HKD

 Galaxy Payroll Group Ltd showed strong financial growth in 2022, with revenue increasing to HKD 46.92 million from HKD 34.79 million in 2021. Gross profit rose to HKD 35.22 million, reflecting improved profitability. Operating income surged to HKD 27.08 million, nearly doubling the previous year. Pretax income increased to HKD 27.25 million, and net income grew significantly to HKD 22.56 million. EBITDA and EBIT also showed robust growth, reaching HKD 28.82 million and HKD 27.49 million, respectively, indicating operational efficiency and strong financial performance.

Competitor Analysis

Here are some top competitors:

ADP

Automatic Data Processing, Inc. is a multinational company that supplies payroll, human resources, and business outsourcing services throughout the globe. It is a global provider of a range of services, including payroll, tax, benefits, and HR outsourcing solutions, as well as technology solutions for businesses. ADP uses technology through cloud-based platforms as well as analytics to improve workforce management. With more than one million clients worldwide, ADP supports businesses to increase effectiveness and productivity, mitigate risks, and manage key operations.

Paychex, Inc

Paychex, Inc. specializes in the provision of payroll processing and outsourcing of human resources and benefits, mainly for small and middle-sized companies. Its services include payroll processing, tax compliance, employee benefits administration, HR management, and a host of others through cloud platforms. By offering excellent customer service and embracing technology in its products, Paychex assists companies in minimizing their human resource management problems while meeting legal requirements. With more than 700,000 clients in the United States and Europe, Paychex helps businesses deal with their employees more effectively and concentrate on development.

Ceridian HCM Holding Inc

Ceridian HCM Holding Inc. is a multinational human capital management (HCM) company that offers payroll HR and workforce management solutions. Its core solution is the Dayforce software, which unifies payroll, benefits, talent management, and workforce scheduling/planning to enable enterprise clients to manage their workforce effectively and improve compliance. Ceridian is designed for any type of business and provides employers with real-time data and analytics for the lifecycle of the employee. Ceridian fundamentally aims at innovation and usability to improve companies’ performance, efficiency, and engagement and learning of their employees.

TriNet Group, Inc

TriNet Group, Inc. is a global human resources business solutions firm that specializes in the provision of consultations and outsourcing in Payroll, Benefits, and Risk and Compliance Management solutions and support for SME organizations. TriNet operates as a professional employer organization or PEO, which provides various HR services to clients across different industries to help organizations handle employee-related issues so that they can concentrate on their business. Its cloud architecture allows for real-time analytics and insights into the HR data which will assist in eliminating multiple facilitation, minimizing paperwork, and managing compliance whilst at the same time enhancing workplace satisfaction and productivity.

Paylocity Holding Corporation

Paylocity Holding Corporation deals with cloud-based HCM solutions for payroll, human resources, and talent management. It provides clients with a set of solutions for the management of payroll, benefits, recruiting, and talent engagement specifically for mid-sized organizations. Paylocity focuses on human resources management, increasing workforce efficiency, and compliance. It uses advanced technology that helps businesses enhance their HR operations, enhance the employee experience, and make proper decisions.

Details on Company Management

• Wai Hong Lao – Executive Director, Chairman and Chief Executive Officer
• Yiu Kong Kenneth But – Executive Director and Chief Operating Officer
• Wai Cheung Yeung – Chief Financial Officer

Manager/ Joint Managers of Galaxy Payroll Group Ltd

R.F Lafferty & Co.

R.F. Lafferty & Co. is an investment services and brokerage specializing in investment, research, and dealer services. The company offers strategically oriented full financial services such as mergers and acquisitions, fundraising, as well as investment consultancy services for businesses and individuals. The company specializes in research of the markets and their customers, which allows its clients, in complex financial conditions, to protect their investments. By providing an efficient specialism and offering value, the organization hopes to develop growth prospects within different industries.

Conclusion

Galaxy Payroll Group Ltd’s IPO marks a pivotal moment for the company as it aims to raise $8.0 million by offering 2 million shares at $4.00 each. With strong financial performance in recent years and a strategic focus on expanding payroll and HR services globally, the IPO proceeds will be used to enhance technology, streamline operations, and explore new markets. For investors, the IPO offers an opportunity to be part of a growing company in the evolving HR and payroll services sector, driven by innovation and efficiency.