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Shenzhen, P.R. China, March 24, 2025 (GLOBE NEWSWIRE) -- Baiya International Group Inc. (“BIYA” or the “Company”) (Nasdaq: BIYA) today announced the closing of its initial public offering of an aggregate of 2,500,000 ordinary shares, par value $0.0001 per share (“Ordinary Shares”), at an offering price of $4.00 per share to the public, for a total of $10,000,000 in gross proceeds to the Company, before deducting underwriting discounts and estimated offering expenses (the “Offering”). The Ordinary Shares began trading on the Nasdaq Capital Market under the ticker symbol “BIYA” on March 21, 2025.
In addition, the Company has granted the underwriters a 45-day option, exercisable following the closing of the Offering, to purchase up to an additional 375,000 Ordinary Shares at the price of $4.00 per share (the “Overallotment”). Assuming this Overallotment is fully exercised, BIYA may raise a total of approximately $11,500,000 in gross proceeds from the Offering.
The net proceeds from the Offering are expected to be used for development of the Company’s cloud-based internet platform, Gongwuyuan Platform, which provides one-stop crowdsourcing recruitment and SaaS-enabled HR solutions; to pursue suitable opportunities for business growth and expansion within the industry; to support our marketing; to fund increased compensation for employees and training enhancements; and to provide funding for working capital and other general corporate purposes.
The Offering was conducted on a firm commitment basis. Cathay Securities, Inc. acted as representative of the underwriters for the Offering, and Revere Securities LLC acted as co-underwriter (collectively, the “Underwriters”). Ogier, Jingtian & Gongcheng and Lewis Brisbois Bisgaard & Smith LLP acted as the Cayman Islands legal counsel, PRC legal counsel, and U.S. legal counsel, respectively, to the Company. VCL Law LLP acted as U.S. legal counsel to the representative of the underwriters for the Offering.
The Offering was conducted pursuant to the Company’s Registration Statement on Form F-1 (File No. 333-275232) previously filed with and subsequently declared effective by the U.S. Securities and Exchange Commission (“SEC”) on March 6, 2025. The Offering was made only by means of a prospectus, copies of which may be obtained from Cathay Securities, Inc. at 40 Wall Street, Suite 3600, New York, NY 10005, or by telephone at +1 (855) 939-3888.
This press release has been prepared for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, and no sale of these securities may be made in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.