Case Study: Successful Stock Listings on the Cambodia Securities Exchange

The Cambodia Securities Exchange (CSX), launched in 2011, may be one of the newest stock exchanges in Southeast Asia, but it has become a promising platform for raising capital and deepening financial markets in the Kingdom. Though still in its early stages compared to regional giants like Thailand and Vietnam, the CSX has made notable progress in attracting both public and private enterprises to list and grow.

In this blog post, we present a case study of successful stock listings on the CSX, highlight the listing process, and explain how businesses can leverage this growing capital market—with support from local agents and advisory firms.

An Overview of the Cambodia Securities Exchange

The CSX is a joint venture between the Cambodian Ministry of Economy and Finance and the Korea Exchange (KRX). It was established to mobilize domestic and foreign capital to support economic development through equity and bond markets.

Key features:

• Two boards: Main Board (for large, mature firms) and Growth Board (for SMEs and startups)

• Government-backed transparency regulations and investor protections

• Online trading platforms and mobile apps for ease of access

📈 Visit the official site: www.csx.com.kh

Why Listing on the CSX Matters

For Cambodian enterprises, listing offers:

• Access to long-term capital

• Enhanced reputation and corporate governance

• Market valuation for future fundraising

• Brand visibility and investor confidence

For investors, it provides an opportunity to participate in Cambodia’s fast-growing economy, driven by sectors such as construction, banking, consumer goods, and technology.

Case Study 1: Phnom Penh Autonomous Port (PPAP)

Listing Year: 2015

Market: Main Board

Sector: Infrastructure / Logistics

Phnom Penh Autonomous Port (PPAP) became the second public company to be listed on the CSX, and the first state-owned port operator. The IPO raised over USD 5 million and was oversubscribed, reflecting investor confidence in infrastructure-related businesses.

Success Factors:

• Government ownership and backing

• Steady revenue from port operations

• Increased trade activity and logistics demand

Since listing, PPAP has expanded operations and invested in dry port logistics and smart port technologies.

📌 Related reading: Cambodia’s Inland Dry Ports: A Competitive Advantage for Exporters

Case Study 2: Pestech (Cambodia) Plc.

Listing Year: 2020

Market: Main Board

Sector: Energy and Utilities

Pestech (Cambodia) Plc., a subsidiary of Malaysian engineering firm Pestech International, became the first private infrastructure company to list on the CSX. The IPO raised USD 3 million, providing funding for transmission line expansion projects across Cambodia.

Success Factors:

• Regional credibility from parent company

• Clear infrastructure development roadmap

• High demand for electrification in Cambodia

This listing also demonstrated the growing cross-border potential for regional players to tap Cambodia’s capital market.

Case Study 3: Acleda Bank Plc.

Listing Year: 2020

Market: Main Board

Sector: Banking

Acleda Bank Plc., Cambodia’s largest commercial bank by branch network, marked the largest IPO in CSX history, raising over USD 17 million. Its listing played a pivotal role in boosting market activity and public trust in equity investment.

Success Factors:

• Extensive nationwide customer base

• Strong digital transformation initiatives

• Regulatory trust and compliance excellence

The listing also increased public participation in equity markets, as many Cambodians purchased stock for the first time.

👉 Learn more: Digital Banking and Financial Inclusion in Cambodia

Case Study 4: DBD Engineering Plc.

Listing Year: 2022

Market: Growth Board

Sector: Construction / Engineering

DBD Engineering Plc. successfully listed on the Growth Board, targeting SMEs. The company raised capital to expand its mechanical and electrical (M&E) engineering services, a sector benefiting from Cambodia’s building boom.

Success Factors:

• Solid revenue growth from real estate sector demand

• Meeting CSX’s simplified listing requirements for SMEs

• Strong local brand and project portfolio

This case highlights the potential of Cambodia’s Growth Board to support mid-sized businesses and startups.

The Listing Process on CSX

To attract more participants, the CSX has streamlined its listing procedures. Here’s a simplified version of the process:

1. Preparation & Audit

   • Financial audit by certified firm (min. 2 years for Growth Board)

   • Strong internal control systems

2. Consultation with CSX or Listing Agents

   • Receive technical support and documentation guidance

   • Agents assist in valuation, investor roadshows, and paperwork

3. Regulatory Approval

   • Submit a disclosure document to the Securities and Exchange Regulator of Cambodia (SERC)

   • Address compliance and governance issues

4. IPO & Trading Launch

   • Pricing and allocation

   • Open for public trading on CSX

💼 For support with agents and listing advisory, visit: Cambodia-Agent.com/agent-services

How Agents and Advisors Simplify Listings

Local agents and listing consultants play a vital role in:

• Preparing audit and legal documents

• Translating between Cambodian and international financial standards

• Navigating SERC and CSX procedures

• Connecting businesses with underwriters and brokerages

Having a knowledgeable local partner reduces the time, cost, and risks associated with listing.

Opportunities in 2025 and Beyond

With the CSX planning to introduce bond listings, REITs (Real Estate Investment Trusts), and digital securities, the exchange is set to diversify investment options and deepen liquidity. Promising sectors for future listings include:

• Fintech and mobile payment firms

• Logistics and warehousing providers

• Green energy and sustainability businesses

• Consumer brands with export potential

As Cambodia’s GDP is forecast to grow 6%+ in 2025 (World Bank), the capital market will likely become a key funding channel for emerging Cambodian enterprises.

Conclusion: Cambodia’s Capital Market Is Open for Business

The Cambodia Securities Exchange may be young, but its track record of successful listings reflects a growing appetite for formal capital markets. As more firms realize the benefits of raising funds through equity and bond offerings, opportunities will multiply for investors, entrepreneurs, and advisors alike.

Whether you’re an SME ready to scale or a foreign firm interested in expanding into Cambodia, consider CSX listing as a viable, strategic tool—and let trusted local agents simplify the journey.

🔍 Learn more and connect with agents at: https://cambodia-agent.com