The company successfully issued shares on the Growth Market, raising approximately KHR 24 billion (around $5.9 million USD) with an initial offering price of KHR 4,800 ($1.20 USD) per share.

I. Significance and Market Confidence

The listing ceremony, which took place in the morning, was presided over by leadership from the Ministry of Economy and Finance, the Securities and Exchange Regulator of Cambodia (SERC), and the CSX.

H.E. Hong Sok Hour, CEO of the Cambodia Securities Exchange (CSX), emphasized that raising capital through the stock market does more than fund business operations. It is expected to:

• Expand the company’s reputation and increase public trust.
• Share the company’s development and growth with the Cambodian public.

He reaffirmed that the CSX offers a large and highly flexible new financing option for companies, featuring both equity (shares) and debt (bonds). He also noted the CSX has a wide network of domestic and international investors, including both individuals and institutions.

II. Encouraging Domestic Investment

H.E. Hong Sok Hour appealed to all domestic investors to consider using this rich resource to benefit their personal investment growth and the sustainable growth of their businesses.

He provided an update on the market’s progress:

“Currently, we have a total of 26 listed companies. This includes 12 stock-listed companies and 14 bond-listed companies. All these companies have successfully raised $654 million USD in investment capital from the market since the CSX started operating 12 years ago.”

III. Market Growth and Company Details

Picasso’s listing marks a significant step forward, especially as it is the third company to be listed on the CSX’s Growth Market.

• Guaranteed Dividends: Picasso is offering an attractive commitment to investors, guaranteeing a dividend of approximately 7% per year for five years after listing.
• Market Statistics: As of October 2025, the CSX’s average daily trading volume was around $100,000 to $150,000 USD per day. The number of trading accounts reached approximately 70,000 as of November 2025, with about 600-700 new accounts being opened monthly.
• Future Outlook: The CEO noted that before the end of 2025, at least one more company is expected to list its shares, which will push the total capital raised in the market to over $700 million USD.

H.E. Sou Socheat, Director-General of the Securities and Exchange Regulator of Cambodia (SERC), acknowledged the challenges but celebrated the progress: “Although the number of equity-listed companies is still small, we are still moving forward. We know the difficult points, but we can still do it. This is a source of pride for us and the Cambodia Securities Exchange.”

IV. The Picasso Difference

Picasso City Garden Development Plc. has been active in Cambodia since 2016. The company stands out in the high-end real estate sector due to its art-inspired design philosophy and high-standard projects.

The company’s strategy focuses on creating properties that integrate artistic inspiration, elevating the real estate experience beyond mere living space to a modern and sophisticated lifestyle. This approach has positioned the brand as a leader among high-net-worth individuals, foreign executives, and elite customers. The company continues to expand its scope with major developments like Picasso Sky Gemme.

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