The Phnom Penh Water Supply Authority (PPWSA) began its book building process on Feb 29 with about 13 million shares to prepare for its Initial Public Offering (IPO), which aims to list on the Cambodia Stock Exchange (CSX) on April 18 this year.
PPWSA’s IPO will be the first IPO in Cambodia and also the first in Cambodia’s history of it’s soon-to-open security market.
Dong Hyuk Yoon, Representative of Yong Yang Securities, said that PPWSA has issued 13,045,975 shares as its IPO with 1,000 riel or US$ 0.25 of par value and the offering price is between 4,050 riel to 6,350 riel (US$1-1.57) as total value is 52.8 billion to 82.8 billion (US$13-20.4 million).
About 70 percent of 13 million shares have been sold during the book building process while another 30 percent will sell during the subscription period, which runs from March 29 to Apr 4 for the unsuccessful bids and for those who did not participate in the book building.
For the book building process, investors have to book 10 percent of the amount which requirement of a minimum of 1,000 shares.
To be continued…
Source: Economics Today, Issue 111, March 05-11