Condominium developer JS Land launch on Cambodia Securities Exchange Growth Board yesterday under the ticker (CSX:JSL) rising from its IPO of KHR 1,900 a share to lockout today at KHR 2,660 a 40% (KHR 760) increase in two days of trade.
It should be noted that on the first day of an IPO launch the usual 10% daily trading limit is modified to per hour allotments reverting back to a 10% limit the following day.
JS Land is the CSXs Growth Board second only listing after DBD Engineering last year and the 15th company to list either bonds or shares on the exchange since inception in 2011.
The IPO listed 8,281,000 shares (32.21% of total shares) at KHR 1,900 or $0.467 per share raising $2.12 million and putting the company’s market capitalization at $12 million. There will not be a guaranteed annual return.
Speaking at the launch event from Kuala Lumpur Dato Jack Yap, CEO of JS Land said: In the next few years, we want to reward our shareholders with the actual capital gain and sustainable dividend payout.
He also thanked his team, the CSX, listing partner RHB Securities (Cambodia), property consultants and valuer Knight Frank’s Ross Wheble, and the cornerstone investors.
According to official documents major shareholders (5% of more) are Oknha Koy Le San 25.2%, Dato’ (Jack) Yap Ting Chiat 25.2%, Oknha Meng Lee 6.80% and Mr. Kin Solyta 6.80%.
