(Bloomberg) -- A Myanmar company is going public in the middle of a civil war and economic downturn, betting on an eventual recovery.
Concordia Pcl expects to raise about $200,000 in an initial public offering that will pave the way for Myanmar’s first main-board stock listing in more than three years. That compares with about $1.2 million raised in the bourse’s first IPO in 2018.
Its chairman, Than Win, said the listing is intended to prepare the family-owned business for longer-term growth rather than fund a major expansion now.
The medical and engineering equipment distributor wants to transform itself into a professionally run company, positioning it to attract foreign investment and expand when Myanmar’s political and economic conditions stabilize.
“We are not listing for short-term sentiment,” Than Win said in an interview at his office in Yangon. “We are building an enterprise designed to thrive over the next 10 to 20 years.”