Cambodia Airways, a Cambodian airline primarily serving Southeast Asia and mainland China, raised the proposed deal size for its upcoming IPO on Friday. In its latest filing, the company also replaced sole bookrunner Univest Securities with Cathay Securities and disclosed financials for the year ended June 30, 2024.
The Phnom Penh, Cambodia-based company now plans to raise $45 million by offering 10 million shares at a price range of $4 to $5. The company had previously filed to offer 1.5 million shares at the same range. At the midpoint, Cambodia Airways will raise over six times more in proceeds than previously anticipated.
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. The company operates a fleet of five Airbus airplanes, and in 2024, it carried 345,628 passengers (+128% y/y). Cambodia Airways also provides limited air cargo services.
Cambodia Airways was founded in 2017 and booked $49 million in revenue for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol CAKR. Cathay Securities is the sole bookrunner on the deal.
