Shares of Phaos Technology (Cayman) Holdings Ltd. (NYSE American: POAS) plummeted 6.25% during intraday trading on Thursday, marking a disappointing debut for the newly public company. The steep decline comes just hours after the firm priced its initial public offering (IPO) at $4.00 per share.

Phaos Technology offered 3,600,090 Class A ordinary shares in its IPO, with the company itself selling 2.7 million shares for expected gross proceeds of $10.8 million. The remaining 900,090 shares were offered by certain selling shareholders. Trading began on the NYSE American under the ticker symbol "POAS" on Thursday, with the offering expected to close on Friday.

The negative market reaction suggests investors may be skeptical about Phaos Technology's valuation or growth prospects. The sharp decline on the first day of trading could also reflect broader market conditions or concerns about the technology sector. As a newly public company, Phaos Technology will need to prove its worth to investors in the coming months to reverse this initial downward trend.