CamGSM successfully completes IPO

CamGSM successfully completes IPO

Cambodian operator CamGSM, which is branded as Cellcard, has listed its Class A common stock on the Cambodia Securities Exchange (CSX).

The move signals the successful completion of the operator’s initial public offering (IPO), which saw more than 9.271 million shares bought up by investors to generate more than US$5.28 million. The funds will go towards increasing CamGSM’s network coverage and boosting service quality, as well as readying upgrades as the operator gears up for launching 5G.

CEO Simon Perkins said: “I would like to welcome all the new Cellcard shareholders and express my gratitude for their trust and confidence in Cellcard’s vision and strategy. This is a new beginning for Cellcard, as we embark on a journey of innovation and growth. We have a clear roadmap to achieve our goals and deliver value to our customers, partners and stakeholders.”

We reported last month that CamGSM would issue more than 52.87 million shares, priced at KHR2,270 (US$0.57) each and with a minimum subscription of KHR400,000. Cellcard subscribers who opted to buy in as Class A shareholders are guaranteed a dividend of 7% per annum over the first five years.

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