Phaos Technology (Cayman) Holdings Ltd. (NYSE American: POAS) saw its stock soar 5.00% in intraday trading on Thursday, marking a strong market debut following its initial public offering (IPO). The company, which priced its IPO at $4.00 per share, has attracted significant investor interest on its first day of trading.

The technology firm announced the pricing of its IPO, offering 3,600,090 Class A ordinary shares. Of these, 2.7 million shares are being offered by the company itself, expected to generate gross proceeds of $10.8 million. The remaining 900,090 shares are being offered by certain selling shareholders, with Phaos Technology not receiving any proceeds from these sales.

Phaos Technology's shares began trading on the NYSE American under the ticker symbol "POAS" on Thursday. The strong initial performance suggests positive market reception to the company's public offering. Underwriters have been granted a 45-day option to purchase up to an additional 405,000 shares at the IPO price to cover any over-allotments, potentially increasing the total offering size. The IPO is expected to close on Friday, solidifying Phaos Technology's position in the public market.