Phaos Technology (Cayman) Holdings Ltd. (NYSE American: POAS) saw its stock soar 5.00% during intraday trading on Thursday, marking a strong debut for the newly public company. The surge comes on the heels of the company's initial public offering (IPO) announcement, which has generated significant investor interest.

Phaos Technology priced its IPO at $4.00 per share, offering a total of 3,600,090 Class A ordinary shares. The company is selling 2.7 million shares, expecting to raise approximately $10.8 million in gross proceeds, while existing shareholders are offering an additional 900,090 shares. Notably, Phaos will not receive any proceeds from the shares sold by existing shareholders. To cover potential over-allotments, underwriters have been granted a 45-day option to purchase up to 405,000 additional shares at the IPO price.

The strong market debut of Phaos Technology suggests that investors are optimistic about the company's prospects. Trading under the ticker symbol "POAS" on the NYSE American exchange, the stock's performance will be closely watched in the coming days as the market assesses the company's value and growth potential in the technology sector.