Phoenix Asia Holdings, a substructure contractor in Hong Kong, filed on Monday with the SEC to raise up to $8 million in an initial public offering.
The company plans to raise $8 million by offering 1.6 million shares at a price range of $4 to $6. At the midpoint of the proposed range, Phoenix Asia Holdings would command a market value of $108 million.
Operating through subsidiary Winfield Engineering, the company mainly engages in substructure works, such as site formation, ground investigation, and foundation works in Hong Kong. The company mostly undertakes substructure works in the role of subcontractor.
The Hong Kong-based company was founded in 1990 and booked $7 million in revenue for the 12 months ended September 30, 2024. It plans to list on the Nasdaq under the symbol PHOE. D. Boral Capital is the sole bookrunner on the deal.
