Kandal M Venture, a Cambodia-based contract manufacturer of affordable luxury leather goods, filed on Wednesday with the SEC to raise up to $12 million in an initial public offering.
The Takhmao, Cambodia-based company plans to raise $12 million by offering 2.8 million shares (24% secondary) at a price range of $4 to $5. At the midpoint of the proposed range, Kandal M Venture would command a market value of $81 million.
Through operating subsidiary FMF, Kandal M Venture provides contract manufacturing for affordable luxury leather goods. The company primarily manufactures handbags, though it also makes other smaller leather goods. Its customers include well-known US-based fashion brands.
Kandal M Venture was founded in 2016 and booked $14 million in sales for the 12 months ended March 31, 2024. It plans to list on the Nasdaq under the symbol FMFC. The company filed confidentially on June 28, 2024. Cathay Securities and WestPark Capital are the joint bookrunners on the deal.
