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Phoenix Asia Holdings Limited Announces Closing of Its Initial Public Offering
Globenewswireยท 2025-04-28 20:30
Core Viewpoint - Phoenix Asia Holdings Limited has successfully closed its initial public offering, raising a total of $6.4 million by offering 1,600,000 ordinary shares at a price of $4.00 per share, with trading commencing on Nasdaq Capital Market under the ticker symbol "PHOE" [1] Group 1: Offering Details - The offering closed on April 28, 2025, and shares began trading on April 25, 2025 [1] - The underwriters have an option to purchase an additional 240,000 ordinary shares within 45 days from the closing date to cover over-allotments [2] - The offering was conducted on a firm commitment basis, with D. Boral Capital LLC serving as the sole book-running manager [3] Group 2: Use of Proceeds - The company plans to allocate 35% of the proceeds for hiring additional staff, 15% for acquiring innovative machinery, 10% for enhancing its brand "Winfield," and 40% for working capital and other general corporate purposes [4] Group 3: Company Background - Phoenix Asia Holdings Limited is a substructure contractor in Hong Kong, recognized for its craftsmanship and high standards in safety and customer satisfaction [7] - The company operates primarily through its wholly-owned subsidiary, Winfield Engineering (Hong Kong) Limited, which specializes in substructure works including site formation and foundation works [8]