1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Capital Structure
3. Valuation
Discussion
Symbol
POAS
Event Date
2025-11-13
Sector
Information Technology
Subsector
Electronic Equipment, Instruments & Components
Offer Range
$4.00
Shares Offered
3.6M
Shares Outstanding Pre-IPO
25.73M
25.73M
$53.2M
14.0%
Implied Upside vs Midpoint
Description
Phaos Technology Holdings (Cayman) Limited is an investment holding company incorporated on March 7, 2024, under the laws of the Cayman Islands. The Company through its subsidiary assembles and commercializes such advanced microscopy-related solutions, technologies and products. Using its patented microsphere-assisted technology, the Company can significantly increase the magnification of existing traditional optical microscopes compared to its competitors, hence allowing our clients to see beyond the optical limit in an effective manner. Currently, it is one of the handful of advanced optical microscopes that can see below the 200nm optical limit, within a commercially viable working distance. Our business is primarily involved in the assembling and commercialization of advanced microscopy-related solutions, technologies and products tailored for precision measurement and magnification purposes. Our range of product includes optical microscopy solutions, featuring: i) Super-resolution imagers capable of achieving imaging down to 137nm; ii) Specialized microscopes designed to meet the diverse needs of various industries; and iii) Three-dimensional (“3-D”) real-time image magnifiers for enhanced visualization. Traditional optical microscopes are able to see up to 250nm, while our solution allows users to see up to 137nm. As a result, we believe that this is considered by the optical industry as a super resolution optical microscopy solution. In addition to our hardware offerings, we currently provide complimentary proprietary software, which is developed in-house. This software includes Artificial Intelligent (“AI”) components that allows our customers to perform recognition patterns for research, quality assurance and quality control (“QA/QC”), as well as diagnostics purposes. The in-house software is crafted to complement our product line to help facilitate seamless integration and optimized performance for our customers. For the year ended April 30, 2024 and April 30, 2025, the provision of microscopy products contributed to 97.6% and 89.3% of our revenue, respectively. We distribute our microscopy products with software solutions through an extensive network of distributors, primarily in Vietnam and Singapore, and expanding across regions such as Southeast Asia and South Asia. Our microscopy solutions accommodate a diverse range of applications enabling us to serve a wide range of customer needs and capitalize on emerging growth opportunities in the region. Our diverse customer base primarily includes industries with usage in fields such as manufacturing, research & development, biomedical, semiconductors, Printed Circuit Board (“PCB”), electronics, precision engineering, injection molding, research, healthcare, QA/QC and diagnostics. Our business strategic focus involves strengthening our market position in Singapore and Vietnam, and progressively expanding into the Southeast Asian region. We believe in our strong corporate culture which emphasizes the creation of shareholder value. For the year ended April 30, 2025, business in Vietnam and Singapore contributed to 43.5% and 42.2% of our Group’s revenue, respectively. For the year ended April 30, 2024, our revenue was S$1,882,803. For the year ended April 30, 2025, our revenue was S$167,707 (US$128,464). This is a decrease of 91.1% in revenue. Our net loss and accumulated deficit was S$2,359,844 and S$7,030,066, respectively, for April 30, 2024, while our net loss and accumulated deficit was S$5,137,064 (US$3,934,994) and S$12,167,130 (US$9,320,022) for April 30, 2025. This signifies an increase of 117.7% and 73.1% for net loss and accumulated deficit. The increase in net loss is driven by a decrease in revenue arising from a reduction in sales orders from our largest customers, resulting in additional resources are allocated to focus on regional expansion. and an increase in employee benefits expenses and other operating expenses from April 30, 2024 to April 30, 2025. We expect that the diversification of our customer base will allow us to increase and stabilize our product sales through a larger customer base and lower concentration of top customers which we are working actively to broaden. Service revenue increased as a result of maintenance-based contracts for our customers. As we grow our product and software range, we expect that service revenue will continue to contribute a greater percentage of our revenue going forward. Additional resources are allocated to focus on regional expansion in response to a reduction in sales orders from our largest customers. We expect that the diversification of our customer base will allow us to increase and stabilize our product sales through a larger customer base and lower concentration of top customers which we are working actively to broaden. Service revenue increased as a result of maintenance-based contracts for our customers. As we grow our product and software range, we expect that service revenue will continue to contribute a greater percentage of our revenue going forward. --- Our registered office in the Cayman Islands is at 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands. Our principal executive office is at 83 Science Park Dr, I #02-01 & #04-01A/B The Curie, Singapore Science Park 1, Singapore 118258. Our telephone number at this location is +65 6250 3877. Our principal website address is www.phaostech.com. Our agent for service of process in the United States is Cogency Global Inc., 122 E. 42nd Street, 18th Floor, New York, New York 10168.
Post-IPO economic shares by class, valued at the offer midpoint.
| Class | Shares | % Economic | Est. value |
|---|---|---|---|
Class A Ordinary Shares (listed) Different voting rights | 10.6M | 41.2% | $42.4M |
Class B Ordinary Shares Different voting rights | 15.13M | 58.8% | $60.5M |
| Total economic shares | 25.73M | 100% | $102.9M |