04:19 AM EDT, 04/29/2025 (MT Newswires) -- Phoenix Asia Holdings ( PHOE ) said late Monday it closed its initial public offering of 1.6 million shares at $4 each, for $6.4 million in gross proceeds.

The Hong Kong-focused substructure contractor granted a 45-day overallotment option to the underwriters to acquire up to 240,000 additional shares.

Phoenix Asia ( PHOE ) said it plans to use the proceeds for hiring, acquisitions and working capital and other general corporate purposes.

Its shares started trading on Nasdaq Capital Market under the ticker symbol PHOE Friday.