China skincare company PHH.US (Pohr Holdings) cuts IPO size, raising $6 million, or 17% less than originally planned

Park Ha Biological Technology, Inc. (PHH.US), a company that sells skincare and cosmetics in China, lowered the proposed size of its upcoming initial public offering (IPO) on Wednesday. The company, headquartered in Wuxi, Jiangsu, China, now plans to issue 1.2 million shares at a price of $4 to $6 each, raising $6 million. The company had previously applied to issue 1.2 million shares at a price of $5 to $7 each. At the midpoint of the adjusted price range, Park Ha Biological Technology's fundraising would be 17% lower than previously expected, with a market value of $13.1 million.

Through its direct stores in China and growing franchise dealer network, Park Ha Biological Technology's product line covers basic skin physical protection, exfoliation, sebum membrane repair, surface micro-ecological balance and anti-aging, including nearly 200 products in 18 series, focusing on solutions for problem skin.

Founded in 2016, the company had revenue of $2 million in the 12 months ended April 30, 2024. The company plans to list on the Nasdaq under the ticker PHH. Dawson James and EF Hutton are joint bookrunners for the transaction.