Phoenix Asia Holdings' (PHOE) shares fell 9.5% to $3.62 in recent Friday trading in their debut on Nasdaq after the company priced its initial public offering at $4.
Earlier, the stock reached $7.37 after opening at $7 and touched a low of $3.50.
The offering of 1.6 million shares yielded gross proceeds of $6.4 million, the company said Thursday in a statement. Underwriters have a 45-day option to purchase up to an additional 240,000 shares.
The offering is expected to close April 28.
The Hong Kong-based construction company plans to allocate 35% of the offering proceeds to hire more staff, 15% to purchase machinery, 10% to enhance its Winfield brand and the remainder for working capital.
Price: 3.62, Change: -0.38, Percent Change: -9.50
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