Phaos Technology Holdings (Cayman) Ltd

POAS

Market cap $53.2M

Two small IPOs and three SPACs debuted this week, as the US government shutdown finally came to an end. Five IPOs and four SPACs submitted initial filings. Three deals are on the calendar for the week ahead.

SINGAPORE, Nov. 14, 2025 (GLOBE NEWSWIRE) -- Phaos Technology Holdings (Cayman) Limited,  (NYSE American: POAS), (“Phaos” or “the Company”), the investment holding company of Phaos Technology Pte. Ltd., an advanced microscopy solutions Company, today announced the closing of its previously announced initial public offering of an aggregate of 2,700,000 class A ordinary shares of the Company (the “Offering”) at a public offering price of US$4.00 per share (the “Offering Price”) to the public for a total of US$10,800,000 of gross proceeds to the Company, before deducting underwriting discounts and other offering expenses. Pursuant to the Offering, certain selling shareholders of the Company offered an aggregate of 900,090 class A ordinary shares of the Company at the Offering Price. The Company did not receive any proceeds from any sale of class A ordinary shares of the Company by those selling shareholders.

Phaos Technology expands into Vietnam, Philippines, and Indonesia with new sales offices, strengthening its presence in Southeast Asia's microscopy market.

Three very small Asian issuers and one blank check company listed in the US this past week, though the biggest headlines came from a sizable launch and notable new filings. Energy equipment and services provider Flowco launched the year's first major IPO, planning to raise $392 million and list in the week ahead. Two IPOs are currently scheduled in the week ahead, although some other small issuers may join the calendar throughout the week.

Phaos Technology Holdings' IPO is excessively priced, with significant risks and a small revenue base. The firm develops advanced microscopy technologies but faces intense competition and relies on distributors, adding middleman risks. Financials show growing revenue from a tiny base but negative free cash flow, with a very high EV/Revenue multiple of 75x.