By JAMES HOOKWAY And ERIC BELLMAN
The Wall Street Journal
PHNOM PENH, Cambodia—Cambodia tapped into the
growing global interest in Southeast Asia with the start of trading in
the sole stock at its gleaming new stock exchange on Wednesday.
Ordinary Cambodians and local businesses scrambled to buy into the
country's first initial public offering—of shares in a local water
company. They weren't disappointed when trading began at the
deliberately auspicious hour of 9:09 a.m.
Phnom Penh Water Supply Authority shares jumped in price to close at
9,300 riel, or $2.33, up 48% from their IPO price of $1.57 a share,
which raised $20 million. The shares—15% of the firm—were 17 times
subscribed.
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