Park Ha Biological Technology Co., Ltd. announced on December 26, 2024, the pricing of its initial public offering of 1,200,000 ordinary shares at a public offering price of $4.00 per ordinary share. This offering is expected to generate aggregate gross proceeds of $4.8 million for the company, before deducting underwriting discounts and other related expenses.
The company's ordinary shares have been approved for listing on the Nasdaq Capital Market and were expected to commence trading on December 27, 2024, under the ticker symbol 'PHH'. This listing provides Park Ha Biological Technology with access to the U.S. capital markets, enhancing its financial flexibility and public profile.
Net proceeds from the offering are designated for key strategic initiatives, including expanding the scale of directly-owned stores in the PRC, purchasing existing product patents to develop proprietary products, and acquiring ingredient suppliers to reduce long-term production costs. These investments aim to bolster the company's market presence and product development capabilities.
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