03:43 AM EST, 12/31/2024 (MT Newswires) -- Park Ha Biological Technology ( PHH ) said late Monday it raised gross proceeds of $4.8 million after completing its initial public offering of 1.2 million shares at $4 apiece.

The company granted underwriters a 45-day option to purchase up to an additional 180,000 shares, representing about 15% of the shares sold in the IPO.

The skincare products maker aims to use the proceeds to expand the scale of directly-owned stores in China, buy existing patents to develop proprietary products and purchase ingredient suppliers to reduce production costs over the long term.

The company's shares began trading on Nasdaq on Dec. 27.