Phoenix Asia Holdings (PHOE.US), a Hong Kong-based underground construction contractor, has filed for a US IPO to raise $8 million.

Phoenix Asia Holdings (PHOE.US), a Hong Kong-based underground construction contractor, filed a preliminary prospectus with the U.S. Securities and Exchange Commission on Monday to raise up to $8 million in an initial public offering.

The company plans to issue 1.6 million shares at a price of $4 to $6 per share, raising $8 million. At the midpoint of the proposed price range, Phoenix Asia Holdings would be valued at $108 million.

The company operates through its subsidiary Winfield Engineering and is primarily engaged in underground construction work in Hong Kong, including site preparation, ground investigation, and foundation work. It mainly acts as a subcontractor for underground construction work.

Founded in 1990, the Hong Kong-based company had revenue of $7 million in the 12 months ended September 30, 2024. It plans to list on the Nasdaq under the ticker PHOE, with D.Boral Capital as the sole bookrunner.