7 May 2014
The next stage of Grand Twins International’s (GTI) listing on the
Cambodia Stock Exchange – public subscriptions – has had a positive response.
CEO of Acleda Securities, a registered broker for GTI, said the
subscription process had attracted interest from Taiwanese and Chinese
investors over the past five days. Public subscriptions for the GTI IPO are
restricted to a minimum purchase of no less than 100 shares at $2.41 per share.
The subscriptions process will end May 9, close to three weeks ahead of the May
29 official listing. The public subscriptions offering comes after the initial
book-building process, which targeted large-scale individual and institutional
investors, was finalised on April 24 and helped set the final share price.
According to underwriter PPS’ official book building results, more than
2.7 million of the eight-million-share offering were successfully snapped up by
big investors. Cambodian investor interest in GTI’s IPO was dwarfed by
off-shore interest with 92 foreigners now holding more than 2.1 million shares
in the Taiwanese-owned garment manufacturer. Just 13 local applicants successfully
managed to acquire 233,000 shares in GTI.
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