Sihanoukville port IPO opens for subscribers

Subscription for the initial public offering of Sihanoukville Autonmous Port (PAS) opened yesterday, with its underwriter expecting a strong investor response following an oversubscribed book-building exercise late last month. PAS is offering investors 21.4 million newly issued shares, or about 25% of its enlarged shareholding. With shares priced at KHR5,040 ($1.26), the company stands to raise $27mn for equipment and expansion in what could be the largest IPO in Cambodia to date. According to Seng Chan Thoeun, head of corporate finance at SBI Royal Securities, a six-day book-building that offered 5.4 million shares to investors was 2.4 times oversubscribed, and about two-thirds of the investors that participated in the book-building were Cambodian. Investors who were unable to secure shares during the book-build have a chance to subscribe during the May 17 to 22 subscription period, with an additional 2.3 million shares on offer. Share allotments will be announced on May 25 ahead of the stock’s listing on the Cambodian Securities Exchange (CSX) on May 31. (Source: Phnom Penh Post)