Phoenix Asia Holdings Shares Fall in Nasdaq Debut

MT Newswires Live

Apr 26, 2025

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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Underwriters have a 45-day option to purchase up to an additional 240,000 shares.</p><p>The offering is expected to close April 28.</p><p>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.</p><p>Price: 3.62, Change: -0.38, Percent Change: -9.50</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2210149790.SGD","symbol_name":"Natixis Thematics Subscription Economy R/A SGD-H","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2530315448","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2530315448","pubTimestamp":1745596906,"columns":[],"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. 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