{"id":5673,"date":"2023-11-01T19:10:52","date_gmt":"2023-11-01T19:10:52","guid":{"rendered":"https:\/\/connectwithfund.com\/news\/baiya-international-group-proposes-terms-for-u-s-mini-ipo-pendingbiya\/"},"modified":"2023-11-01T19:10:52","modified_gmt":"2023-11-01T19:10:52","slug":"baiya-international-group-proposes-terms-for-u-s-mini-ipo-pendingbiya","status":"publish","type":"post","link":"https:\/\/connectwithfund.com\/?p=5673","title":{"rendered":"Baiya International Group Proposes Terms For U.S. Mini-IPO (Pending:BIYA)"},"content":{"rendered":"<div data-test-id=\"content-container\">\n<p><figure class=\"getty-figure\" data-type=\"getty-image\"><picture>  <\/picture><figcaption> <\/figcaption><\/figure>\n<\/p>\n<h2>A Quick Take On Baiya International Group<\/h2>\n<p><b>Baiya International Group Inc.<\/b> (BIYA) has filed to raise $15 million in an IPO of its ordinary shares, according to an SEC F-1 registration statement.<\/p>\n<p>The firm provides<span class=\"paywall-full-content invisible\"> online job-matching services in China.<\/span><\/p>\n<p class=\"paywall-full-content invisible\">Given BIYA\u2019s apparent in-process transition to an online platform, substantial revenue decline, competitive position, ongoing regulatory risks, and likely information deficit for U.S. shareholders, my outlook on the IPO is to Sell [Avoid].<\/p>\n<h2 class=\"paywall-full-content invisible\">Baiya Overview<\/h2>\n<p class=\"paywall-full-content invisible\">Dongguan, China-based Baiya International Group Inc. was founded to enable companies to source employees or contract workers via its only platform.<\/p>\n<p class=\"paywall-full-content invisible\">Management is headed by Chief Executive Officer Ms. Siyu Yang, who has been with the firm since October 2021 and was previously the founder and CEO of Sichuan Xinhaisheng Labor Service.<\/p>\n<p class=\"paywall-full-content invisible\">The company\u2019s primary offerings include the following:<\/p>\n<ul class=\"paywall-full-content invisible\">\n<li>\n<p>Job<span class=\"paywall-full-content no-summary-bullets invisible\"> matching<\/span><\/p>\n<\/li>\n<li class=\"paywall-full-content no-summary-bullets invisible\">\n<p>Entrusted recruitment<\/p>\n<\/li>\n<li class=\"paywall-full-content no-summary-bullets invisible\">\n<p>Project outsourcing<\/p>\n<\/li>\n<li class=\"paywall-full-content no-summary-bullets invisible\">\n<p>Labor dispatching &#8211; phasing out.<\/p>\n<\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The company operates primarily in the Pearl River Delta and Yangtze River Delta regions.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">As of June 30, 2023, Baiya has booked fair market value investment of $2.1 million from investors, including Daoning Xia, Hemei International Group and numerous other entities.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">Baiya Customer\/User Acquisition<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Prior to 2022, the company performed its service primarily offline and pursued clients through its direct sales and marketing efforts, seeking to connect employing companies with HR service companies.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The firm&#8217;s &#8220;entrusted recruitment&#8221; service is one of the main revenue drivers for the company. Entrusted recruitment in China entails a process where companies choose to outsource their hiring and recruitment to third-party agencies, allowing them to focus on their core business operations.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Selling expenses as a percentage of total revenue have dropped as revenues have decreased, as the figures below indicate:<\/p>\n<p> <span class=\"table-responsive paywall-full-content invisible no-summary-bullets\"><span class=\"table-scroll-wrapper\"><span data-intersection-boundary=\"start\"><\/span><\/p>\n<table>\n<colgroup>\n<col>\n<col> <\/colgroup>\n<tr>\n<td>\n<p><strong>Selling<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>Expenses vs. Revenue<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Period<\/p>\n<\/td>\n<td>\n<p>Percentage<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Six Mos. Ended June 30, 2023<\/p>\n<\/td>\n<td>\n<p>1.8%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>2022<\/p>\n<\/td>\n<td>\n<p>1.9%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>2021<\/p>\n<\/td>\n<td>\n<p>2.3%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p> <span data-intersection-boundary=\"end\"><\/span><\/span><button class=\"table-enlarge-button\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 16 16\" class=\"table-enlarge-icon\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M16 11a5 5 0 0 1-5 5H5a5 5 0 0 1-5-5V5a5 5 0 0 1 5-5h6a5 5 0 0 1 5 5v6zm-4.5-2.5h2v-6h-6v2h4v4zm-9-1h2v4h4v2h-6v-6z\"><\/path><\/svg>Click to enlarge<\/button><\/span> <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">(Source &#8211; SEC.)<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The Selling efficiency multiple, defined as how many dollars of additional new revenue are generated by each dollar of Selling expense, was negative 24.0x in the most recent reporting period, as shown in the table below:<\/p>\n<p> <span class=\"table-responsive paywall-full-content invisible no-summary-bullets\"><span class=\"table-scroll-wrapper\"><span data-intersection-boundary=\"start\"><\/span><\/p>\n<table>\n<colgroup>\n<col>\n<col> <\/colgroup>\n<tr>\n<td>\n<p><strong>Selling<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>Efficiency Rate<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Period<\/p>\n<\/td>\n<td>\n<p>Multiple<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Six Mos. Ended June 30, 2023<\/p>\n<\/td>\n<td>\n<p>-24.0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>2022<\/p>\n<\/td>\n<td>\n<p>-31.4<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p> <span data-intersection-boundary=\"end\"><\/span><\/span><button class=\"table-enlarge-button\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 16 16\" class=\"table-enlarge-icon\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M16 11a5 5 0 0 1-5 5H5a5 5 0 0 1-5-5V5a5 5 0 0 1 5-5h6a5 5 0 0 1 5 5v6zm-4.5-2.5h2v-6h-6v2h4v4zm-9-1h2v4h4v2h-6v-6z\"><\/path><\/svg>Click to enlarge<\/button><\/span> <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">(Source &#8211; SEC.)<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">Baiya\u2019s Market &amp; Competition<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">According to a 2022 market research report by Business Market Insights, the Asia Pacific market for online recruitment was an estimated $6.8 billion in 2021 and is forecasted to reach nearly $12.5 billion by 2028.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">This represents a forecast CAGR (Compound Annual Growth Rate) of 9.0% from 2021 to 2028.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The main drivers for this expected growth are the increasing use of online technologies to increase efficiency in the hiring process.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Also, the integration of AI technologies is expected to increase the value-added aspects of online recruitment.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The permanent segment accounted for the largest share of the online recruitment market in the APAC region in 2020, with the IT segment holding the largest market share by industry vertical.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Major competitive or other industry participants include the following:<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture> <img decoding=\"async\" src=\"https:\/\/connectwithfund.com\/wp-content\/uploads\/2023\/11\/saupload_94Pko6Mi38QUbCPVwquYal7fpTWs8ggMxgTvhRY9FeLCg7jJSif7RVa69Kmr3BJao0AToWRnoawmdLwVKyAUrnTBwL9.jpeg\" alt=\"Competitive Landscape\" contenteditable=\"false\" loading=\"lazy\"> <\/picture><figcaption>\n<p class=\"item-caption\"><span>SEC<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">Baiya International Group Inc. Financial Performance<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The company\u2019s recent financial results can be summarized as follows:<\/p>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>\n<p>Sharply dropping top line revenue<\/p>\n<\/li>\n<li>\n<p>Falling gross profit and gross margin<\/p>\n<\/li>\n<li>\n<p>Reduced operating losses<\/p>\n<\/li>\n<li>\n<p>Variable cash flow or use from operations.<\/p>\n<\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Below are relevant financial results derived from the firm\u2019s registration statement:<\/p>\n<p> <span class=\"table-responsive paywall-full-content invisible no-summary-bullets\"><span class=\"table-scroll-wrapper\"><span data-intersection-boundary=\"start\"><\/span><\/p>\n<table>\n<colgroup>\n<col>\n<col>\n<col> <\/colgroup>\n<tr>\n<td>\n<p><strong>Total Revenue<\/strong><\/p>\n<\/td>\n<td> <\/td>\n<td> <\/td>\n<\/tr>\n<tr>\n<td>\n<p>Period<\/p>\n<\/td>\n<td>\n<p>Total Revenue<\/p>\n<\/td>\n<td>\n<p>% Variance vs. Prior<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Six Mos. Ended June 30, 2023<\/p>\n<\/td>\n<td>\n<p>$ 4,695,710<\/p>\n<\/td>\n<td>\n<p>-30.6%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>2022<\/p>\n<\/td>\n<td>\n<p>$ 13,161,560<\/p>\n<\/td>\n<td>\n<p>-36.8%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>2021<\/p>\n<\/td>\n<td>\n<p>$ 20,824,565<\/p>\n<\/td>\n<td> <\/td>\n<\/tr>\n<tr>\n<td> <\/td>\n<td> <\/td>\n<td> <\/td>\n<\/tr>\n<tr>\n<td>\n<p><strong>Gross Profit (Loss)<\/strong><\/p>\n<\/td>\n<td> <\/td>\n<td> <\/td>\n<\/tr>\n<tr>\n<td>\n<p>Period<\/p>\n<\/td>\n<td>\n<p>Gross Profit (Loss)<\/p>\n<\/td>\n<td>\n<p>% Variance vs. Prior<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Six Mos. Ended June 30, 2023<\/p>\n<\/td>\n<td>\n<p>$ 301,924<\/p>\n<\/td>\n<td>\n<p>-40.6%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>2022<\/p>\n<\/td>\n<td>\n<p>$ 1,526,340<\/p>\n<\/td>\n<td>\n<p>-43.0%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>2021<\/p>\n<\/td>\n<td>\n<p>$ 2,675,958<\/p>\n<\/td>\n<td> <\/td>\n<\/tr>\n<tr>\n<td> <\/td>\n<td> <\/td>\n<td> <\/td>\n<\/tr>\n<tr>\n<td>\n<p><strong>Gross Margin<\/strong><\/p>\n<\/td>\n<td> <\/td>\n<td> <\/td>\n<\/tr>\n<tr>\n<td>\n<p>Period<\/p>\n<\/td>\n<td>\n<p>Gross Margin<\/p>\n<\/td>\n<td>\n<p>% Variance vs. Prior<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Six Mos. Ended June 30, 2023<\/p>\n<\/td>\n<td>\n<p>6.43%<\/p>\n<\/td>\n<td>\n<p>-1.1%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>2022<\/p>\n<\/td>\n<td>\n<p>11.60%<\/p>\n<\/td>\n<td>\n<p>-9.8%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>2021<\/p>\n<\/td>\n<td>\n<p>12.85%<\/p>\n<\/td>\n<td> <\/td>\n<\/tr>\n<tr>\n<td> <\/td>\n<td> <\/td>\n<td> <\/td>\n<\/tr>\n<tr>\n<td>\n<p><strong>Operating Profit (Loss)<\/strong><\/p>\n<\/td>\n<td> <\/td>\n<td> <\/td>\n<\/tr>\n<tr>\n<td>\n<p>Period<\/p>\n<\/td>\n<td>\n<p>Operating Profit (Loss)<\/p>\n<\/td>\n<td>\n<p>Operating Margin<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Six Mos. Ended June 30, 2023<\/p>\n<\/td>\n<td>\n<p>$ (172,179)<\/p>\n<\/td>\n<td>\n<p>-3.7%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>2022<\/p>\n<\/td>\n<td>\n<p>$ (1,402,257)<\/p>\n<\/td>\n<td>\n<p>-10.7%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>2021<\/p>\n<\/td>\n<td>\n<p>$ 373,972<\/p>\n<\/td>\n<td>\n<p>1.8%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td> <\/td>\n<td> <\/td>\n<td> <\/td>\n<\/tr>\n<tr>\n<td>\n<p><strong>Comprehensive Income (Loss)<\/strong><\/p>\n<\/td>\n<td> <\/td>\n<td> <\/td>\n<\/tr>\n<tr>\n<td>\n<p>Period<\/p>\n<\/td>\n<td>\n<p>Comprehensive Income (Loss)<\/p>\n<\/td>\n<td>\n<p>Net Margin<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Six Mos. Ended June 30, 2023<\/p>\n<\/td>\n<td>\n<p>$ (248,257)<\/p>\n<\/td>\n<td>\n<p>-5.3%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>2022<\/p>\n<\/td>\n<td>\n<p>$ (1,543,745)<\/p>\n<\/td>\n<td>\n<p>-11.7%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>2021<\/p>\n<\/td>\n<td>\n<p>$ 298,367<\/p>\n<\/td>\n<td>\n<p>1.4%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td> <\/td>\n<td> <\/td>\n<td> <\/td>\n<\/tr>\n<tr>\n<td>\n<p><strong>Cash Flow From Operations<\/strong><\/p>\n<\/td>\n<td> <\/td>\n<td> <\/td>\n<\/tr>\n<tr>\n<td>\n<p>Period<\/p>\n<\/td>\n<td>\n<p>Cash Flow From Operations<\/p>\n<\/td>\n<td> <\/td>\n<\/tr>\n<tr>\n<td>\n<p>Six Mos. Ended June 30, 2023<\/p>\n<\/td>\n<td>\n<p>$ (86,680)<\/p>\n<\/td>\n<td> <\/td>\n<\/tr>\n<tr>\n<td>\n<p>2022<\/p>\n<\/td>\n<td>\n<p>$ 1,552,896<\/p>\n<\/td>\n<td> <\/td>\n<\/tr>\n<tr>\n<td>\n<p>2021<\/p>\n<\/td>\n<td>\n<p>$ (1,557,515)<\/p>\n<\/td>\n<td> <\/td>\n<\/tr>\n<tr>\n<td> <\/td>\n<td> <\/td>\n<td> <\/td>\n<\/tr>\n<tr>\n<td>\n<p>(Glossary Of Terms.)<\/p>\n<\/td>\n<td> <\/td>\n<td> <\/td>\n<\/tr>\n<\/table>\n<p> <span data-intersection-boundary=\"end\"><\/span><\/span><button class=\"table-enlarge-button\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 16 16\" class=\"table-enlarge-icon\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M16 11a5 5 0 0 1-5 5H5a5 5 0 0 1-5-5V5a5 5 0 0 1 5-5h6a5 5 0 0 1 5 5v6zm-4.5-2.5h2v-6h-6v2h4v4zm-9-1h2v4h4v2h-6v-6z\"><\/path><\/svg>Click to enlarge<\/button><\/span> <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">(Source &#8211; SEC.)<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">As of June 30, 2023, Baiya had $2.4 million in cash and $6.7 million in total liabilities.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Free cash flow during the twelve months ending June 30, 2023, was $2.3 million.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">Baiya International Group Inc. IPO Details<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Baiya intends to raise $15 million in gross proceeds from an IPO of its ordinary shares, offering three million shares at a proposed midpoint price of $5.00 per share.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">No existing shareholders have indicated an interest in purchasing shares at the IPO price.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The firm operates both a variable interest entity [VIE] and wholly foreign-owned subsidiary structures [WFOE], so the company going public will have no direct interests in the operating entities.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">It is also a &#8220;foreign private issuer&#8221; and an &#8220;emerging growth company,&#8221; which means it can choose to disclose substantially less information to public shareholders.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Such companies have typically performed very poorly post-IPO on U.S. public capital markets.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Assuming a successful IPO, the company\u2019s enterprise value at IPO would approximate $50.0 million, excluding the effects of underwriter over-allotment options.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The float to outstanding shares ratio (excluding underwriter over-allotments) will be approximately 23.08%.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Management says it will use the net proceeds from the IPO as follows:<\/p>\n<blockquote class=\"paywall-full-content invisible no-summary-bullets\">\n<p>We anticipate that we will use the net proceeds from this offering to continue development of the Gongwuyuan Platform; 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. Proceeds of this offering in the amount of $500,000 shall be used to fund an escrow account for a period of 12 months following the closing date of this offering, which account shall be used in the event we have to indemnify the underwriters pursuant to the terms of an underwriting agreement with the underwriters.<\/p>\n<p>(Source &#8211; SEC.)<\/p>\n<\/blockquote>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Management\u2019s presentation of the company roadshow is not available.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Regarding outstanding legal proceedings, management said the firm has been awarded a judgment of RMB316,991, which management is seeking to enforce.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The firm also stated that<\/p>\n<blockquote class=\"paywall-full-content invisible no-summary-bullets\">\n<p>&#8220;There are no proceedings in which any of our directors, officers, or any beneficial shareholder of more than five percent (5%) of our voting securities is an adverse party or has a material interest adverse to us.&#8221;<\/p>\n<\/blockquote>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The sole listed bookrunner of the IPO is Revere Securities.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">Valuation Metrics For Baiya<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Below is a table of relevant capitalization and valuation figures for the company:<\/p>\n<p> <span class=\"table-responsive paywall-full-content invisible no-summary-bullets\"><span class=\"table-scroll-wrapper\"><span data-intersection-boundary=\"start\"><\/span><\/p>\n<table>\n<colgroup>\n<col>\n<col> <\/colgroup>\n<tr>\n<td>\n<p><strong>Measure [TTM]<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>Amount<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Market Capitalization at IPO<\/p>\n<\/td>\n<td>\n<p>$65,000,000<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Enterprise Value<\/p>\n<\/td>\n<td>\n<p>$50,115,548<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Price \/ Sales<\/p>\n<\/td>\n<td>\n<p>5.86<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>EV \/ Revenue<\/p>\n<\/td>\n<td>\n<p>4.52<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>EV \/ EBITDA<\/p>\n<\/td>\n<td>\n<p>-42.47<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Earnings Per Share<\/p>\n<\/td>\n<td>\n<p>-$0.10<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Operating Margin<\/p>\n<\/td>\n<td>\n<p>-10.64%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Net Margin<\/p>\n<\/td>\n<td>\n<p>-11.66%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Float To Outstanding Shares Ratio<\/p>\n<\/td>\n<td>\n<p>23.08%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Proposed IPO Midpoint Price per Share<\/p>\n<\/td>\n<td>\n<p>$5.00<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Net Free Cash Flow<\/p>\n<\/td>\n<td>\n<p>$2,274,186<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Free Cash Flow Yield Per Share<\/p>\n<\/td>\n<td>\n<p>3.50%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Debt \/ EBITDA Multiple<\/p>\n<\/td>\n<td>\n<p>-0.14<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Revenue Growth Rate<\/p>\n<\/td>\n<td>\n<p>-30.57%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>(Glossary Of Terms.)<\/p>\n<\/td>\n<td> <\/td>\n<\/tr>\n<\/table>\n<p> <span data-intersection-boundary=\"end\"><\/span><\/span><button class=\"table-enlarge-button\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 16 16\" class=\"table-enlarge-icon\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M16 11a5 5 0 0 1-5 5H5a5 5 0 0 1-5-5V5a5 5 0 0 1 5-5h6a5 5 0 0 1 5 5v6zm-4.5-2.5h2v-6h-6v2h4v4zm-9-1h2v4h4v2h-6v-6z\"><\/path><\/svg>Click to enlarge<\/button><\/span> <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">(Source &#8211; SEC.)<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">Commentary About Baiya\u2019s IPO<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Baiya International Group Inc. is seeking U.S. public capital market investment to continue developing its online recruitment platform and for general corporate purposes.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The firm\u2019s financials have produced dropping topline revenue, reduced gross profit and gross margin, lower operating losses and fluctuating cash flow or use from operations.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Free cash flow for the twelve months ending June 30, 2023, was $2.3 million.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Selling expenses as a percentage of total revenue have fallen as revenue has dropped sharply; its Selling efficiency multiple was negative (24.0x) in the most recent reporting period.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The firm currently plans to pay no dividends and retain future earnings, if any, for reinvestment back into the firm&#8217;s growth initiatives and working capital requirements.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">BIYA\u2019s recent capital spending history indicates it has not spent on capital expenditures in the past twelve months.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The market opportunity for online recruitment is large and expected to grow at a reasonably strong rate of growth in the coming years, but the firm faces large and diverse competitors in the market.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Management is seeking an Enterprise Value\/Revenue multiple of approximately 4.5x on sharply contracting topline revenue.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Given the firm\u2019s apparent in-process transition to an online platform, its substantial revenue decline, competitive position, ongoing regulatory risks, and likely information deficit for U.S. shareholders, my outlook on the IPO is to Sell [Avoid].<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Expected IPO Pricing Date: To be announced.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/seekingalpha.com\/article\/4645972-baiya-international-group-proposes-terms-for-us-mini-ipo?source=feed_all_articles\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Quick Take On Baiya International Group Baiya International Group Inc. (BIYA) has filed to raise $15 million in an IPO of its ordinary shares, according to an SEC F-1 registration statement. The firm provides online job-matching services in China. Given BIYA\u2019s apparent in-process transition to an online platform, substantial revenue decline, competitive position, ongoing regulatory risks, and likely information deficit for U.S. shareholders, my outlook on the IPO is to Sell [Avoid]. Baiya Overview Dongguan, China-based Baiya International Group Inc. was founded to enable companies to source employees or contract workers via its only platform. Management is headed by<\/p>\n","protected":false},"author":1,"featured_media":5674,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42],"tags":[],"class_list":["post-5673","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Baiya International Group Proposes Terms For U.S. Mini-IPO (Pending:BIYA) | ConnectWithFund<\/title>\n<meta name=\"description\" content=\"A Quick Take On Baiya International Group Baiya International Group Inc. 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