Global Water Intelligence
Phnom Penh Water Supply Authority is gearing up to price an initial public offering of up to $24 million on 18 April, making it the first stock to be traded on Cambodia’s fledgling stock exchange.
The company’s roadshow kicked off yesterday, and will run until 6th March.
Huy Vatharo, an executive director at underwriter Tong Yang Securities, confirmed that PPWSA would list 15% of its shares at a price of $1.00-1.57 per share, with the government retaining the remaining 85%.
For the first three quarters of 2011, the company generated $21 million in revenues and $6 million in profits. Full-year 2011 revenues are expected to come in at $28 million.
Foreign investors will be able to invest directly in the company, although it remains to be seen whether PPWSA’s reputation as one of the best managed public utilities in Asia is enough to convince non-domestic accounts to take a punt.