Phoenix Asia Holdings, a substructure contractor in Hong Kong, raised $6 million by offering 1.6 million shares at $4, the low end of the range of $4 to $6.
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.
Phoenix Asia Holdings plans to list on the Nasdaq under the symbol PHOE. D. Boral Capital acted as sole bookrunner on the deal.
