Phoenix Asia Holdings Ltd. (PHOE) shares shot up to $7.00 – up 75 percent from their $4.00 IPO price – in their NASDAQ debut today – Friday, April 25, 2025 – at 10:45 a.m. EDT. Volume on that opening trade: 104,722 shares. By around 11:30 a.m. EDT, though, the thrill was gone: Phoenix Asia Holdings’ stock slid below its $4.00 IPO price to trade at $3.89. The profitable Hong Kong company is the parent of Winfield Engineering (Hong Kong) Limited, a substructure works subcontractor. Phoenix Asia Holdings Ltd. raised $6.4 million in its IPO – pricing 1.6 million shares at $4.00 – the low end of its $4.00-to-$6.00 price range – on Thursday night, April 24, 2025.
D. Boral Capital (formerly EF Hutton) was the sole book-runner.
“We mainly engage in substructure work, such as site formation, ground investigation and foundation work, in Hong Kong. To a lesser extent, we also provide other construction services such as structural steelwork,” Phoenix Asia Holdings Ltd. said in the prospectus.
Winfield Engineering (Hong Kong) Limited was founded in 1990. Over its 30 years of operating history, Winfield Engineering (Hong Kong) Limited has focused on substructure work, serving as a subcontractor and building up significant expertise and a strong track record, according to the prospectus. Substructure refers to the foundation support system constructed beneath ground level.
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