PHNOM PENH - The state-run operator of one of Cambodia’s largest ports became the third company to list on the country’s stock exchange on Wednesday after an initial public offering to raise around $5.2 million. The Cambodian Securities Exchange, a joint venture with Korea’s bourse, launched in 2011 but has failed to live up to expectations as firms are reluctant to commit to the level of transparency required and struggle to meet listing rules. Phnom Penh Autonomous Port (PPAP) listed on Wednesday after holding an IPO of just over 4.1 million shares priced at 5120 Cambodian riel ($1.27) each. The IPO was for a 20 percent share in the company, valuing PPAP at around $26 million. The stock opened at 5,200 riels per share, the exchange said in a news release on Wednesday, with Minister of Economy Aun Pornmoniroth ringing the bell to begin the trading session. PPAP operates a container terminal, passenger terminal and storage depot in Phnom Penh port, the second largest port in the country. The other two firms listed on the bourse are state-run Phnom Penh Water Supply Authority and Taiwanese garment maker Grand Twins International. ($1 = 4,043.0000 Cambodian riels)