Cambodia Airways Plans To Raise US $45 Million With NASDAQ IPO
Cambodia Airways has increased its proposed deal size for a potential NASDAQ IPO with the latest filing in October 2024 indicating the Cambodia-based airline plans to now raise USD $45 million by offering 10 million shares at a price range of $4 to $5 - this is six times more in proceeds than previously anticipated.
The airline is still navigating the regulatory landscape with its SEC filings and preparing for its anticipated listing. There are no guarantees regarding approval for its shares on NASDAQ, and market analysts remain cautious about its investment potential since we first reported on their intentions to list in June 2024.
Cambodia Airways' plan is to list on the Nasdaq under the symbol CAKR and they have replaced sole book-runner Univest Securities with Cathay Securities as the sole book-runner for the deal and disclosed financials for the year ended June 30, 2024, reported Renaissance Capital.
The airline reportedly did not discuss listing possibilities with the Cambodia Securities Exchange and CSX market operations director Kim Sophanita was reported to have expressed slight disappointment that the airline did not explore local opportunities when the news broke earlier in 2024.
Cambodia Airways International Routes
On October 30, 2024, Cambodia Airways flight KR938 landed at Phnom Penh International Airport for its inaugural flight of Cambodia Airways' Phnom Penh to Guangzhou on a direct flight which will operate on Tuesdays, Thursdays, and Saturdays, with return flights to Phnom Penh on Wednesdays, Fridays and Sundays.
The company posted online that it forms part of the “airline's strategic planning” and that the new route marks another significant progress in Cambodia Airways’ strategic plan to build the network with Greater China as a core market.
They added, “The launch of this new direct flight aims to enhance Cambodia Airways' network between China and Southeast Asia, providing a brand-new air corridor for passengers to travel between the two countries for tourism and business.”
The company operates a fleet of five Airbus aeroplanes, and in 2024, it has thus far carried 345,628 passengers while also offering limited air cargo services. Cambodia Airways has indicated it plans to introduce new routes to major aviation hubs across the Asia-Pacific region by 2025
