MJQE is going IPO
As part of the plan to raise capital for setting up new campuses and speed up business development, MJQ Education, one of the leading private education institutions in Cambodia, submitted its application and related documents for an initial public offering (IPO) to Securities and Exchange Regulator of Cambodia (SERC), the securities market authority, and Cambodia Securities Exchange (CSX), the security market operator, through RHB Securities (Cambodia), its underwriter/principal advisor to manage the IPO.
The premier educational institution of the Kingdom hopes to receive the SERC’s approval, launch the IPO in the end of March or early April.
“We plan to raise between $8-$10 million from the IPO by issuing 6-10 percent shares of our company, subject to approval by SERC,” MJQ Education said. The amount raised through IPO, plus its internally generated funds and new bank loans will be used to fund the expansion of 20 new campuses, it said. New locations have already been secured, it added.
MJQ Education plans to expand the business and take the number of its active campuses to 160 from the present 15. Citing the reasons for raising funds, it said one of the main purposes of IPO is to open more schools and reach the areas where there is demand.