03:34 AM EST, 12/27/2024 (MT Newswires) -- Park Ha Biological Technology (PHH) said late Thursday that it priced its initial public offering of 1.2 million shares at $4 per share to raise gross proceeds of $4.8 million.

The Wuxi, China skincare products maker said its shares would be listed on the Nasdaq Capital Market and commence trading on Friday under the ticker 'PHH'.

It has also given underwriters the option to buy up to 180,000 additional shares.

Proceeds from the offering, set to close Monday, will be used to expand the scale of directly owned stores in China, purchase existing product patents to develop proprietary products and acquire ingredient suppliers to reduce production costs over the long term.