Kandal M. Venture Ltd. (FMFC) of Cambodia, the parent of a handbag manufacturer, priced its IPO at $4.00 – the low end of its $4.00-to-$5.00 range – and sold 2.0 million shares – the number of shares in the prospectus – to raise $8.0 million on Tuesday night, June 24, 2025. Kandal M. Venture’s stock is expected to start trading tomorrow – Wednesday, June 25, 2025 – on the NASDAQ.
Dominari Securities and Revere Securities acted as the joint book-runners.
Kandal M. Venture Ltd. described its handbag business in the prospectus: “Through FMF, our operating subsidiary, we are a contract manufacturer of affordable luxury leather goods with our manufacturing operations in Cambodia. We primarily manufacture handbags,” such as shoulder bags, crossbody bags, tote bags, backpacks, top-handle handbags, satchels, and other smaller leather goods, such as wallets. The company said its customers “are well-known global fashion brands that are headquartered in the United States.”
Kandal M. Venture Ltd. is profitable, according to financial statements in the prospectus: Net income of $1.12 million on revenue of $14 million for the 12 months that ended March 31, 2024.