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.