Park Ha Biological Technology Co., Ltd. (Nasdaq: PHH), a company specializing in private skincare labels, direct product sales, and franchise promotions, has successfully closed its initial public offering (IPO) of 1,200,000 ordinary shares at $4.00 per share. The shares began trading on the Nasdaq Capital Market on December 27, 2024.
Key Details of the Offering
The company received $4.8 million in gross proceeds before deducting underwriting discounts and other expenses. The underwriters have been granted a 45-day option to purchase up to 180,000 additional shares, representing 15% of the shares sold in the offering.
Use of Proceeds
Park Ha Biological Technology plans to utilize the net proceeds from the offering for the following purposes:
- Expanding its directly-owned stores in China
- Purchasing existing product patents to develop proprietary products
- Acquiring ingredient suppliers to reduce long-term production costs
About Park Ha Biological Technology Co., Ltd.
Established in 2016, the company is primarily engaged in developing its private skincare label “Park Ha” and providing cost-effective skincare solutions. As of April 30, 2024, Park Ha operated two directly-owned stores and had 43 franchisees across China. The company also offers a “light beauty experience” – a complimentary after-sales beauty service in its stores.
Forward-Looking Statements
This announcement contains forward-looking statements that involve known and unknown risks and uncertainties. These statements are based on the company’s current expectations and projections about future events that may affect its financial condition, results of operations, and business strategy. Investors are cautioned that actual results may differ materially from the anticipated results.
For more information about the company and the offering, please refer to the registration statement and other documents filed with the SEC.
