KUALA LUMPUR: Carlo Rino Group Bhd aims to accelerate business expansion, enhance product offerings and upgrade capabilities to better serve customers and meet market demands through its initial public offering (IPO).
The fashion firm debuted on the ACE Market of Bursa Malaysia today and its shares opened at 23.5 sen, 3.5 sen, or 13% lower than the IPO price of 27 sen, with 7.49 million shares changing hands.
In a statement today, the fashion firm noted that with a total of RM46.4 million in gross proceeds from the IPO, 32.32% or RM 15 million will be allocated to partly finance the construction and the fitting-out of a new flagship boutique and other facilities
About 7.54% (RM 3.5 million) will fund boutiques and departmental store counter refurbishment and 1.08% (RM500,000) for the maintenance of information technology (IT) infrastructure with the remaining proceeds will be utilised for working capital and listing-related expenses, it said.
Group managing director Datuk Seri Chiang Fong Yee said the company’s transfer from the LEAP Market to the ACE Market marked a significant milestone in Carlo Rino’s journey, which began in 1986.
“True to our philosophy, Carlo Rino has always been synonymous with youthful, boldness, vibrancy, and colour. Our brands continue to offer innovative, stylish, and functional products aligned with the latest fashion trends.
“With this in mind, we firmly believe this step will unlock new opportunities and elevate our brands to greater heights,” he said.
The company stated that, based on its enlarged share capital of 977.51 million shares and an IPO price of 27 sen per share, its total market capitalisation is about RM263.93 million.
Carlo Rino is primarily involved in designing, promoting, marketing, distributing, and retailing women’s handbags, footwear, and accessories.
TA Securities Holdings Bhd is the principal adviser, sponsor, sole underwriter, and placement agent for the IPO. – Bernama
