The date of Taiwanese garment manufacturer Grand Twins International’s listing on the Cambodia Stock Exchange (CSX) has been pushed back due to delays in the submission of final IPO documents, officials say.
Stephen Hsu, CEO of Phnom Penh Securities, chief underwriting firm for the IPO, yesterday confirmed the listing would not meet GTI’s May 29 target; however, the company was still expected to go public within the next two weeks.
“PPS has already finalised the allotment of all shares [and] after we send the results of the IPO to the CSX, they will need around eight days to process our submission,” Hsu said.
“The good day for listing is still under discussion, but it will happen very quickly.
“An official announcement [about the listing date] will be made soon,” he added.
Hsu said that the final public subscriptions stage of the IPO had proven successful, but did not detail the number of investors who have signed up for the listing of GTI, which stands to become the first privately owned company to join the local exchange.
Vanny Sok, director of listings and disclosure at the CSX, confirmed yesterday that he was still waiting on paperwork from the underwriter.
“We cannot provide the estimated date yet because we have not received any application for official listing,” she said, adding that once received it would only take a week to process.
GTI’s offering of eight million shares, set at $2.41 each, stands to generate more than $19.2 million for the Taiwanese firm if fully subscribed to. With the increased liquidity, GTI, which largely makes sporting apparel for Addidas and Reebok, plans to expand its operation to a new $10 million factory located outside of Phnom Penh.
GTI will be just the second company to list on the CSX since the local stock market was launched in 2012, joining the state-owned Phnom Penh Water Supply Authority.