Cambodia Airways, a leading Cambodian airline, filed and set terms on Thursday with the SEC to raise up to $7 million in an initial public offering.
The Phnom Penh, Cambodia-based company plans to raise $7 million by offering 1.5 million shares at a price range of $4 to $5. At the midpoint of the proposed range, Cambodia Airways would command a market cap of $277 million. The IPO float is just 2.4% of basic shares outstanding.
Cambodia Airways claims it is the sole full-service airline based in Cambodia. It primarily operates out of Phnom Penh, Cambodia, and provides commercial airline services throughout China and Southeast Asia. In 2023 it had carried 151,807 passengers. The company also provides limited air cargo services. Cambodia Airways operates a fleet of six Airbus airplanes.
The Phnom Penh, Cambodia-based company was founded in 2017 and booked $33 million in revenue for the 12 months ended December 31, 2023. It plans to list on the Nasdaq under the symbol CAKR. Univest Securities is the sole bookrunner on the deal.
