Sihanoukville port raises $27mn from IPO

Sihanoukville Autonomous Port (PAS), Cambodia largest seaport operator, has successfully raised nearly $27mn through its initial public offering (IPO), the IPO underwriter said yesterday. Seng Chan Thoeun, head of corporate finance at SBI Royal Securities, said investors purchased all 21.4 million public shares in PAS, representing 25% stake in the company. More than 79% of the total offering shares was allocated to 10 institutional investors, while there were more than 300 retail investors, he said. According to Thoeun, over a third of total IPO shares were allocated to Cambodian investors, and 62% of the total shares went to Japanese investors, including JICA. Foreign investors from China, Thailand, and Malaysia, among other countries, also participated in the subscription. (Source: Phnom Penh Post)