BIYA.US cuts IPO size, raising to $62.5M from $75M

BIYA Inc., a human resources platform headquartered in Dongguan, China, announced on Tuesday that it would adjust its upcoming initial public offering (IPO) plan, deciding to reduce the proposed transaction size and introduce Cathay Securities as a new underwriter. The company focuses on connecting enterprises with blue-collar human resources agencies.

BIYA International currently plans to issue 2.5 million shares at a price range of $4 to $6, expected to raise about $13 million. Previously, the company applied to issue 3 million shares at the same price range. According to the revised price range's midpoint, BIYA International's fundraising would decrease by 17% from the previous expectation, with an estimated market value of $62.5 million.

BIYA International offers a range of services through its operating subsidiary "Gongwuyuan", including job matching, recruitment, project outsourcing, and labor dispatch. Its business covers five 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 ending December 31, 2023, the company's revenue reached $12 million. BIYA International plans to list on the Nasdaq, with the stock symbol BIYA. The joint bookrunners for the IPO are Cathay Securities and Revere Securities.