PPWSA edges closer to IPO

As expected, the book-building phase for Phnom Penh Water Supply Authority’s initial public offering was significantly oversubscribed, the estimate being 17 times. Interested investors had the opportunity to bid at a price  no lower than 4,050 riel a share, and at a maximum of 6,350 riel a share when submitting their book-building form with either sole underwriter Tong Yang Securities (Cambodia) or the selling agent, ACLEDA Securities.  Tong Yang has announced an offering price at 6,300 riel, just shy of the maximum bidding price. Investors who subscribed during the book-building can determine if they were allocated shares to purchase by reviewing the list of successful and unsuccessful investors published by PPWSA, which can be viewed on PPWSA’s and ACELDA’s websites. Admittedly, the consensus is that the process to date has been far from easy, could have been communicated more clearly, and that investors’ physical presence was required for payment. …

http://www.phnompenhpost.com/index.php/2012032855274/Business/ppwsa-edges-closer-to-ipo.html