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Investing.com -- Phoenix Asia Holdings Limited, a leading contractor for public and private sector projects in Hong Kong, started trading on the Nasdaq Capital Market under the ticker symbol "PHOE" today. The stock opened at $7.00 per share, a significant increase from its initial public offering (IPO) price of $4.00 per share.
The company had previously announced the pricing of its IPO yesterday. The offering consists of 1,600,000 ordinary shares, each with a par value of $0.00001. These shares were initially offered at a price of $4.00 per share, resulting in total gross proceeds of $6,400,000, before the deduction of underwriting discounts and other offering expenses.
In addition to the initial offering, Phoenix Asia has provided the underwriters with an option to purchase up to an additional 240,000 ordinary shares. This option can be exercised within 45 days from the closing date of the offering. The additional shares would be purchased at the initial public offering price, less underwriting discounts, to cover any over-allotment option.
D. Boral (OTC:BOALY) Capital LLC is serving as the sole book-running manager for the offering. This role includes managing the overall coordination of the offering, including the marketing, due diligence, and regulatory compliance processes.
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