- Phoenix Asia Holdings Limited, a Hong Kong-based company, announces its Nasdaq IPO at $4.00 per share, raising $6.4 million.
- Shares will begin trading under the ticker 'PHOE' on April 25, 2025, with a potential over-allotment option for 240,000 additional shares.
- Proceeds will be allocated to staffing, machinery acquisition, brand enhancement, and general corporate purposes.
Phoenix Asia Holdings Limited, a prominent substructure contractor based in Hong Kong, has announced the pricing of its initial public offering (IPO) of 1,600,000 ordinary shares at $4.00 per share. This IPO is set to raise gross proceeds of $6.4 million. The shares will be traded on the Nasdaq Capital Market under the ticker symbol 'PHOE', starting April 25, 2025.
The company has granted underwriters, led by sole book-running manager D. Boral Capital, a 45-day option to purchase up to 240,000 additional shares to cover any over-allotments. The offering is expected to close on April 28, 2025, pending standard closing conditions.
Phoenix Asia Holdings has outlined a strategic allocation for the proceeds from the IPO. Specifically, 35% will be used for hiring additional staff, 15% for acquiring innovative machinery, 10% for enhancing the 'Winfield' brand, and 40% for working capital and other general corporate purposes.
As an emerging growth company, Phoenix Asia Holdings is seeking to leverage this public capital market entry to bolster its operational capabilities and support measured growth strategies, while maintaining financial flexibility.
