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NEW YORK - Kandal M Venture Limited (NASDAQ:FMFC), a Cambodia-based contract manufacturer of affordable luxury leather goods with annual revenue of $15.49 million, has priced its initial public offering at $4.00 per share, according to a press release statement. InvestingPro analysis shows the company maintains a GOOD financial health rating with a score of 2.52 out of 5.
The company offered 2,000,000 Class A ordinary shares in the IPO, which was conducted on Tuesday. Trading of the shares on the Nasdaq Capital Market is expected to begin Wednesday under the symbol "FMFC," with the offering scheduled to close Thursday, subject to customary closing conditions. The company demonstrates solid operational efficiency with a gross profit margin of 24.31% and EBITDA of $1.74 million in the last twelve months.
Kandal M Venture plans to use the proceeds to expand its geographical reach to European markets, enhance production capacity, establish a new design and development center, and for working capital and general corporate purposes. With a current ratio of 1.02, the company maintains adequate liquidity to support its expansion plans. Get deeper insights into FMFC’s growth potential and more exclusive financial metrics with InvestingPro.
The company has granted underwriters a 45-day option to purchase up to an additional 300,000 Class A ordinary shares at the offering price, less underwriting discounts.
Dominari Securities LLC served as the representative of the underwriters, with Revere Securities LLC acting as co-underwriter for the offering, which was conducted on a firm commitment basis.
Kandal M Venture primarily manufactures leather goods including handbags such as shoulder bags, crossbody bags, tote bags, backpacks, and smaller items like wallets.
The IPO was conducted pursuant to the company’s Registration Statement on Form F-1, which was declared effective by the U.S. Securities and Exchange Commission on Monday.
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