Kandal M Venture Limited Announces Pricing of Initial Public Offering and Listing on Nasdaq

Rhea-AI Summary

Kandal M Venture Limited (Nasdaq: FMFC), a contract manufacturer of luxury leather goods in Cambodia, has announced the pricing of its Initial Public Offering of 2,000,000 Class A ordinary shares at $4.00 per share. Trading is set to begin on June 25, 2025 on the Nasdaq Capital Market.

The company has granted underwriters a 45-day option to purchase up to 300,000 additional shares. The offering is expected to close on June 26, 2025. Proceeds will fund geographical expansion into European markets, enhance production capacity, establish a new design center, and provide working capital.

Positive

• IPO provides fresh capital for expansion into European markets
• Planned enhancement of production capacity indicates growth potential
• Investment in new design and development center shows commitment to product innovation
• Listing on Nasdaq provides increased visibility and access to capital markets

Negative

• Small IPO size of only 2 million shares may indicate limited market interest
• Low offering price of $4.00 per share suggests early-stage company risks
• Geographic concentration risk with manufacturing solely in Cambodia
• Potential competition in the crowded luxury goods market

Insights

IPO Specialist

Kandal M Venture's $8M IPO provides modest capital for a Cambodian leather goods manufacturer with clear expansion plans.

Kandal M Venture Limited has priced its IPO at $4.00 per share for 2 million Class A ordinary shares, raising $8 million (potentially $9.2 million if the 300,000-share overallotment option is exercised). This represents a relatively small-cap offering for a Nasdaq-listed company, particularly for a manufacturer in the luxury goods space.

The Cambodia-based contract manufacturer of affordable luxury leather goods has outlined specific capital allocation plans focused on international expansion (particularly into European markets), production capacity enhancements, and establishing a new design and development center. These strategic initiatives suggest the company is positioning for vertical integration and geographic diversification.

The IPO's firm commitment underwriting structure (versus best efforts) indicates the underwriters' confidence in placement, though the selection of smaller boutique underwriters like Dominari Securities and Revere Securities (rather than bulge bracket firms) aligns with the offering's modest size. The imminent trading commencement and June 26 expected closing reflect a standard timeline for deals of this nature.

The 7.5% overallotment option (300,000 additional shares) is noteworthy as it provides flexibility to satisfy excess demand if the stock performs well in early trading. This IPO adds to the growing trend of smaller manufacturing enterprises with Asian operations seeking U.S. public market capital and the associated liquidity and prestige benefits of a Nasdaq listing.

NEW YORK, June 25, 2025 (GLOBE NEWSWIRE) -- Kandal M Venture Limited (Nasdaq: FMFC) (the “Company”), a contract manufacturer of affordable luxury leather goods with manufacturing operations in Cambodia, announced the pricing of its initial public offering (the “Offering”) of 2,000,000 Class A ordinary shares (the “Class A Ordinary Shares”) which was conducted on June 24, 2025, at a public offering price of $4.00 per Class A Ordinary Share (the “Offering Price”). The Class A Ordinary Shares are expected to begin trading on the Nasdaq Capital Market on June 25, 2025, under the symbol “FMFC.”

The Offering is expected to close on June 26, 2025, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds for (i) broadening its customer base by expanding its geographical reach to other key markets, including the European markets, (ii) enhancing its production capacity, (iii) establishing a new design and development center for enhancing its product development capabilities, and (iv) additional working capital and other general corporate purposes.

In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 300,000 Class A Ordinary Shares of the Company, at the Offering Price, less underwriting discounts.

The Offering is being conducted on a firm commitment basis. Dominari Securities LLC acted as the representative of the underwriters, and Revere Securities LLC acted as the co-underwriter (collectively, the “Underwriters”) for the Offering. Loeb & Loeb LLP acted as U.S. legal counsel to the Company and The Crone Law Group, P.C. acted as legal counsel to the Underwriters for the Offering.

The Offering is being conducted pursuant to the Company’s Registration Statement on Form F-1 (File No. 333-282786), as amended, previously filed with, and subsequently declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on June 23, 2025. The Offering is being made only by means of a prospectus, forming a part of the registration statement, and a free writing prospectus. You may obtain these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, electronic copies of the final prospectus relating to this Offering may be obtained from Dominari Securities LLC by email at info@dominarisecurities.com, by standard mail to Dominari Securities LLC, 725 Fifth Avenue, 23rd Floor, New York, NY 10022, or by telephone at +1 (212) 393-4500; or from Revere Securities LLC by email at contact@reveresecurities.com, by standard mail to Revere Securities LLC, 560 Lexington Avenue, 16th Floor, New York, NY 10022, or by telephone at +1 (212) 688-2350. 

Before you invest, you should read the registration statement, the prospectus and other documents the Company has filed or will file with the SEC for more information about the Company and the Offering. This press release has been prepared for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, and no sale of these securities may be made in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Kandal M Venture Limited

Kandal M Venture Limited is a contract manufacturer of affordable luxury leather goods with its manufacturing operations in Cambodia. Kandal M Venture Limited primarily manufactures handbags, such as shoulder bags, crossbody bags, tote bags, backpacks, top-handle handbags, satchels, and other smaller leather goods, such as wallets.

For more information, please visit the Company’s website at www.kandalmv.com.

FORWARD-LOOKING STATEMENTS

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations, including the trading of its Class A Ordinary Shares or the closing of the Offering. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct. The Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to read the risk factors contained in the Company’s final prospectus and other reports it files with the SEC before making any investment decisions regarding the Company’s securities. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.

Contacts:

Company:
Kandal M Venture Limited Investor Relations Contact:
Padachi Village, Prek Ho Commune, Takhmao Town, Kandal Province,
Kingdom of Cambodia
Email: enquiry@fmfco.com.kh
Telephone: +855 23425205

Investor Relations Contact:
Skyline Corporate Communications Group, LLC
Scott Powell, President
1177 Avenue of the Americas, 5th Floor
New York, New York 10036
Office: (646) 893-5835 x2
Email: info@skylineccg.com
Website: www.skylineccg.com

FAQ

What is the IPO price for Kandal M Venture Limited (FMFC) stock?

Kandal M Venture Limited priced its IPO at $4.00 per Class A Ordinary Share, with a total offering of 2,000,000 shares.

When will FMFC stock start trading on Nasdaq?

FMFC stock is scheduled to begin trading on the Nasdaq Capital Market on June 25, 2025.

How will Kandal M Venture Limited (FMFC) use its IPO proceeds?

FMFC will use proceeds to expand into European markets, enhance production capacity, establish a new design center, and for working capital and general corporate purposes.

Who are the underwriters for the FMFC IPO?

Dominari Securities LLC is acting as the representative underwriter, with Revere Securities LLC serving as co-underwriter.

What is Kandal M Venture Limited's main business?

Kandal M Venture Limited is a contract manufacturer of affordable luxury leather goods with manufacturing operations in Cambodia.