Biya International (BIYA.US) lowers IPO size, fundraising amount to decrease by 17% to raise $13 million.

Human resources platform Biya International (BIYA.US), headquartered in Dongguan, China, announced on Tuesday that it is adjusting its upcoming initial public offering (IPO) plan. The company has decided to lower the proposed transaction size and introduce Cathay Securities as a new underwriter. It is understood that the company focuses on connecting enterprises and blue-collar human resources agencies. Biya International currently plans to issue 2.5 million shares of stock at a price of $4 to $6 per share, aiming to raise approximately $13 million. Previously, the company had applied to issue 3 million shares of stock in the same price range. Based on the revised price range midpoint calculation, Biya International's fundraising amount is expected to decrease by 17% from earlier expectations, with an estimated market value of $62.5 million. Through its operating subsidiary "Gongwu Garden", Biya International provides a range of services including job matching, recruitment, project outsourcing, and labor dispatch. The company's business scope covers 5 provinces and 30 cities in China, with a focus on the Pearl River Delta and Yangtze River Delta regions. Since its establishment in 2017, Biya International has achieved significant growth. In the past 12 months leading up to December 31, 2023, the company's sales reached $12 million. Biya International plans to list on the NASDAQ with the stock symbol BIYA. The joint bookrunners for this IPO are Cathay Securities and Revere Securities.