Baiya International Group (BIYA) to Raise $12 Million in IPO

Baiya International Group (BIYA) plans to raise $12 million in an initial public offering on the week of January 27th, IPO Scoop reports. The company plans to issue 2,500,000 shares at $4.00-$6.00 per share.

In the last year, Baiya International Group generated $13.7 million in revenue and had a net loss of $780,000. Baiya International Group has a market-cap of $62.5 million.

Cathay Securities and Revere Securities acted as the underwriters for the IPO.

Baiya International Group provided the following description of their company for its IPO: “(Incorporated in the Cayman Islands) We, Baiya International Group Inc. (â€?Baiyaâ€?), are an offshore holding company. As a holding company, we have no material operations and conduct all of our operations in China through the VIE, Shenzhen Gongwuyuan Network Technology Co., Ltd. (â€?Gongwuyuanâ€?), and its subsidiaries, collectively, â€?PRC operating entitiesâ€?. We entered into a series of Contractual Arrangements with the VIE and certain shareholders of Gongwuyuan, and this structure involves unique risks to investors. See â€?Risk Factors — Risks Relating to Doing Business in Chinaâ€? for more information. Neither we nor our direct and indirect subsidiaries own any equity interests in the PRC operating entities. Gongwuyuan started to provide job matching services in 2017. In November 2019, Gongwuyuan began developing its cloud-based internet platform to provide one-stop crowdsourcing recruitment and SaaS-enabled HR solutions on the Gongwuyuan Platform to supplement its offline job matching services and started to position itself as a SaaS-enabled HR technology company by introducing its Gongwuyuan Platform in the flexible employment marketplace. We have been and will continue to strategically develop and improve the Gongwuyuan Platform with product features that work together with our traditional offline service model to improve the job matching and HR related services in the flexible employment marketplace. Currently our business focuses on four (4) primary services: (i) job matching services; (ii) entrusted recruitment services; (iii) project outsourcing services; and (iv) labor dispatching services in the flexible employment market within China, primarily in the core manufacturing regions including the Pearl River Delta and Yangtze River Delta region. With respect to labor dispatching services, however, we are strategically reducing this service, considering the negative gross profit historically. Gongwuyuan plans to pursue its business growth by continuing to supplement its existing offline service model by introducing and integrating its Gongwuyuan Platform to provide better services in the flexible employment market throughout China. In addition, we plan to improve our services by continuing to develop and integrate digital technologies including crowdsourcing, big data and artificial intelligence to enhance the Gongwuyuan Platform. We believe these efforts will allow us to provide sufficient job matching and one-stop SaaS-enabled HR solutions to Customers, Employing Companies and workers in the flexible employment marketplace throughout China. Note: Net loss and revenue are for the 12 months that ended June 30, 2024. (Note: Baiya International Group cut its IPO’s size to 2.5 million shares – down from 3.0 million shares initially –  and kept the price range at $4.00 to $6.00 to raise $12.5 million, according to an F-1/A filing dated Sept. 10, 2024. In that same SEC filing, Cathay Securities was added as the “lead left” joint book-runner to work with Revere Securities.) “.

Baiya International Group was founded in 2017 and has 24 employees. The company is located at 5Q, No. 5 Golf Avenue Guangpei Community, Guanlan Street Longhua District, Shenzhen, China and can be reached via phone at +86 0769-88785888 or on the web at http://www.gwyapp.com/.