Phaos Technology (Cayman) Holdings Ltd. (NYSE American: POAS) saw its stock price plummet 6.25% during intraday trading on Thursday, marking a rocky start for the company's debut on the NYSE American exchange. The significant drop comes just hours after the company priced its initial public offering (IPO) at $4.00 per share.

The technology firm offered 3,600,090 Class A ordinary shares in its IPO, with 2.7 million shares coming directly from the company and 900,090 shares from selling shareholders. Phaos Technology aimed to raise $10.8 million in gross proceeds from its portion of the offering. The underwriters have been granted a 45-day option to purchase up to an additional 405,000 shares at the IPO price to cover over-allotments.

The stark decline in Phaos Technology's stock price on its first day of trading may indicate that investors are approaching the newly public company with caution. Factors such as current market conditions, the company's financial outlook, or concerns about the technology sector could be contributing to the negative sentiment. As trading continues, it remains to be seen whether Phaos Technology can recover from this initial setback and gain investor confidence in the public markets.