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Phoenix Asia Holdings has successfully completed its Initial Public Offering (IPO) on the Nasdaq Capital Market under the symbol "PHOE". The company raised $6.4 million by offering 1.6 million ordinary shares at $4.00 per share.
The Hong Kong-based substructure contractor's shares began trading on April 25, 2025, with the offering closing on April 28, 2025. D. Boral Capital served as the sole book-running manager. Underwriters have a 45-day option to purchase an additional 240,000 shares to cover over-allotments.
The company plans to utilize the IPO proceeds as follows:
- 35% for staff expansion
- 15% for innovative machinery acquisition
- 10% for enhancing the "Winfield" brand
- 40% for working capital and general corporate purposes
The IPO was conducted on a firm commitment basis, with regulatory approval received from the SEC on April 24, 2025. CFN Lawyers acted as U.S. counsel to Phoenix Asia, while Sichenzia Ross Ference Carmel represented the underwriter.
Phoenix Asia Holdings , a Hong Kong-based substructure contractor, has announced the pricing of its initial public offering (IPO) of 1,600,000 ordinary shares at $4.00 per share, raising gross proceeds of $6.4 million.
The company's shares will begin trading on Nasdaq Capital Market under the symbol 'PHOE' on April 25, 2025. Underwriters have a 45-day option to purchase up to 240,000 additional shares. The IPO is expected to close on April 28, 2025.
The proceeds will be allocated as follows:
- 35% for hiring additional staff
- 15% for acquiring innovative machinery
- 10% for enhancing the 'Winfield' brand
- 40% for working capital and general corporate purposes
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