Picasso to Raise $12 Million Through CSX IPO in November

PHNOM PENH, Cambodia (Oct.13, 2025) — Picasso City Garden Development Plc., one of Cambodia’s largest condominium service providers, plans to raise approximately $12 million through a public bond offering on the Cambodia Securities Exchange in November to support business expansion.

According to a CSX announcement issued October 13, the company will launch its initial public offering of corporate bonds with a guaranteed annual coupon rate of 7%, paid quarterly over five years. The offering will be capped at 10 million bonds, each priced at 4,800 riel ($1.2), with a minimum subscription of 100 bonds. The subscription period runs from Oct. 13 to Oct. 24.

Cambodia Securities Plc., the sole underwriter of the offering, said roadshows will be held in Phnom Penh, several Cambodian provinces, and international cities, including Singapore, Hong Kong, Shanghai, and Taichung.

Founded in 2016, Picasso City Garden Development specializes in high-end residential, commercial, and mixed-use properties. Its flagship project, Picasso City Garden, is recognized as Asia’s first luxury condominium inspired by Pablo Picasso and officially endorsed by the Picasso family group.

The company said the endorsement reflects its commitment to blending fine art with modern living, positioning it as a pioneer in Cambodia’s real estate market.