Kandal M Venture (FMFC) nets extra $1.2M as underwriters buy 300k shares

Rhea-AI Filing Summary

Kandal M Venture Limited (FMFC) disclosed that the IPO underwriters exercised their full 300,000-share over-allotment option on 9 Jul 2025 and closed the purchase on 16 Jul 2025. The shares, each with a $0.00001 par value, were sold at the IPO price of $4.00, adding roughly $1.2 million of gross proceeds. Inclusive of this greenshoe, the offering generated total gross proceeds of about $9.2 million before underwriting discounts and offering expenses.

The filing is deemed an entry into a material definitive agreement because it finalizes the share purchase terms with Dominari Securities LLC, the representative of the underwriting syndicate. While the added capital strengthens liquidity and signals demand for the stock, it also modestly dilutes existing shareholders; the post-offer share count is not provided.

Positive

• Full exercise of 300,000-share over-allotment signals healthy investor demand for the newly listed shares.
• Additional $1.2 million gross proceeds boosts total IPO inflow to roughly $9.2 million, enhancing liquidity.

Negative

• Dilution: issuance of extra shares marginally lowers existing shareholders’ proportional ownership.
• Net proceeds will be lower than $9.2 million after underwriting discounts and expenses, though exact net figure is unspecified.

Insights

Equity Capital Markets Analyst

TL;DR: Greenshoe fully exercised, $1.2 m extra cash; modestly positive signal outweighs minor dilution.

The full take-up of the 15% greenshoe suggests book strength and aftermarket support for FMFC’s recent IPO. The additional $1.2 m lifts gross proceeds to $9.2 m, improving working-capital flexibility for a small-cap issuer operating in Cambodia. On the flip side, incremental dilution is limited (exact float not disclosed) and pricing held at the IPO level, indicating stable demand rather than upside re-pricing. Net cash after fees will be lower, but the event is conventionally viewed as a positive endorsement by underwriters and investors. Impact: modestly positive.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of July 2025

Commission File Number: 001-42715

KANDAL M VENTURE LIMITED

(Registrant’s Name)

Padachi Village, Prek Ho Commune, Takhmao Town, Kandal Province, Kingdom of Cambodia

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒     Form 40-F ☐

Entry into a Material Definitive Agreement.

On July 9, 2025, Dominari Securities LLC, as representative of the several underwriters named in the underwriting agreement, in connection with the initial public offering (“IPO”) of Kandal M Venture Limited, an exempted company with limited liability formed in the Cayman Islands (the “Company”), notified the Company of their decision to exercise the over-allotment option to purchase an additional 300,000 ordinary shares (the “Over-allotment Shares”) of the Company, par value $0.00001 per share, at a price of $4.00 per share. The Closing for the sale of the Over-allotment Shares took place on July 16, 2025.

Gross proceeds of the Company’s IPO, including the proceeds from the sale of the Over-allotment Shares, totaled approximately $9.2 million, before deducting underwriting discounts and other related expenses.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	KANDAL M VENTURE LIMITED
Date: July 21, 2025	By:	/s/ Duncan Miao
	Name:	Duncan Miao
	Title:	Chairman of the Board of Directors

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FAQ

How many additional shares did FMFC sell through the over-allotment option?

300,000 ordinary shares were sold under the greenshoe provision.

What price was paid for the over-allotment shares of FMFC?

The shares were priced at $4.00 each, identical to the IPO price.

What are the total gross proceeds from FMFC's IPO including the greenshoe?

Gross proceeds rose to approximately $9.2 million before fees.

Who acted as representative of the underwriters in FMFC's IPO?

Dominari Securities LLC served as the representative of the several underwriters.

When did the closing of the greenshoe shares occur?

The closing took place on 16 July 2025.

Does exercising the greenshoe dilute existing FMFC shareholders?

Yes, issuing 300,000 extra shares marginally dilutes existing holders’ ownership percentages.