Grand Twins International (Cambodia) Plc., a manufacturer of clothes for U.S. athletic brands, on Monday will begin recording investor demands to determine the price for an initial public offering (IPO) as part of the last steps to list on the Cambodian Stock Exchange (CSX), though an official listing date is not yet known.
When it lists, Grand Twins will be only the second company to do so since the CSX opened in 2012. The first IPO was the Phnom Penh Water Supply Authority.
“The process will start on the 17th for two weeks, and will finish on March 28. The exact date of their listing is not yet known,” Lamun Soleil, deputy director of market operations at CSX, said Monday.
Mr. Soleil said that after the process, known as book building, is complete, Phnom Penh Securities would collect the data and determine the price of the shares.
“Two weeks after the bidding and determination of the IPO price, there will be a subscription process where investors sign up and commit, and then two weeks after that is a possible listing date,” he said.
A release on Phnom Penh Securities’ website states Grand Twins is seeking a minimum subscription of 1,000 shares at a price range between $1.85 and $3.5. It also states the result of the book building process would be announced April 3.
Mr. Soleil said after Grand Twins lists, he expects more companies to follow.
“We would like to see more companies list quicker. It’s already nearly two years and many companies now are ready for listing. We have many more in the pipeline,” he said.
Grand Twins’ website states the company was founded in 1997 and makes clothes for U.S. athletic brands, including Adidas, Reebok and Salomon.
The Garment Manufacturers Association in Cambodia’s website states Grand Twins is located in Phnom Penh’s Choam Chao district and that its owner is from the British Virgin Islands.
A call to a phone number listed for Grand Twins’ contact person, Phuong Vuthy, went unanswered.