JS Land Plc, a property development joint venture, went public via an initial public offering (IPO) on the Cambodia Stock Exchange (CSX) yesterday, the second listing of CSX’s growth board.
Capital market-listed JS Land Plc will enable the company to raise funds to expand its business plan, its executive chairman Kuy Le San said at the IPO ceremony.
“Becoming a public company and a listed company on the Cambodia Stock Exchange will help us achieve the company’s business plan,” he said, citing that the fund will be used to develop the company’s projects.
JS Land PLC pegs its market capitalization at 46 billion riels, or about $12 million, with a price starting at 1,900 riels per share.
JS Land PLC, a real estate development company officially announced the sale of shares in the local stock exchange – Cambodia Securities Exchange (CSX) – yesterday, becoming the first listed real estate company in Cambodia.
The JS Land PLC plans to raise funds of around 46 billion riels or about 12 million dollars, with a price starting from 1,900 riels per share.
Hong Sok Hour, Managing Director of the Cambodia Stock Exchange, said more companies are interested in CSX and with new listings, they will encourage other companies to seek alternatives to rising financial sources in the market. .
“The company’s presence would serve as a model for other real estate companies as well as companies in various industries to consider diversifying their sources of capital through the stock market to seize opportunities to share growth in the future,” said Sok Hour.
JS Land Plc becomes the 16th listed company on the local stock exchange and the second company on CSX’s growth board.
The Growth Board was launched in late 2015 as a secondary platform to remove some of the barriers to listing and cater more to companies with less access to capital or financial resources. But he had failed to attract a single issuer over the years, even as the main board grew steadily.
The CSX now has 15 listed securities – eight stocks and six bonds. The total capital raised by all companies in the capital market is over $281 million.
In 2021, the number of securities traded averaged 234,000 shares per day, an increase of 400% compared to 2020. The value of trades was close to $270,000 per day, compared to 2020, which was over $111,000 a day.
JS Land was incorporated on December 12, 2014 as a limited liability company under the Commercial Enterprises Act of Cambodia. JS Land was later transformed into a limited company and adopted its current name on May 13 last year to facilitate the IPO.
JS Land was founded by a group of 5 entrepreneurs from Cambodia, Malaysia and Hong Kong.
JS Land’s core mission is to build homes that meet the needs of the Cambodian people and to provide quality properties that inspire and enrich the lives of homeowners.
By emphasizing the continued adoption of cutting-edge building technologies and the latest trends in architectural design, the company’s vision is that all Cambodians will be able to own authentic and affordable homes of the highest quality.