KUALA LUMPUR: Cuckoo International (MAL) Bhd (Cuckoo Malaysia) has inked an underwriting agreement with RHB Investment Bank Bhd and AmInvestment Bank Bhd for its planned listing on the Main Market of Bursa Malaysia Securities Bhd.
In a statement yesterday, the company said the listing entails an initial public offering (IPO) of up to 365.36 million ordinary shares.
“The IPO includes a public issue of 143.28 million new shares, representing 10% of the company’s enlarged issued share capital.
“A total of 28.66 million shares will be made available for application by the Malaysian public through balloting, of which 50% will be set aside for bumiputra investors including individuals, companies, societies, co-operatives, and/or institutions,” it said.
Additionally, the remaining 14.33 million shares will be made available for application by eligible persons.
The IPO also involves an offer for sale of up to 222.08 million existing shares. Of these, up to 179.1 million shares will be allocated to bumiputra investors approved by the Ministry of Investment, Trade and Industry.
Meanwhile, 100.3 million shares and up to 42.98 million shares will be allocated to Malaysian and foreign institutional and selected investors, as well as foreign institutional and selected investors outside the US under Regulation S.
It said that the proceeds from the IPO will be utilised for funding product purchases for expansion of rental business, repayment of bank borrowings, capital expenditure for the opening of “Brandshops”, upgrading of information technology systems, expansion of Singapore business, as well as estimated listing expenses.
Cuckoo Malaysia’s non-independent executive director and CEO Hoe Kian Choon said this represents the company’s longstanding commitment to empowering customers by seamlessly integrating wellness into their homes.
“We believe the IPO will further strengthen our business, enabling us to expand our reach and enhance our ability to serve communities across the nation.
“As a Healthy Home Creator, we remain dedicated to creating a holistic wellness ecosystem that enriches lives and ensures wellness is within reach for everyone,” he added.
RHB Investment Bank Bhd is the sole principal adviser, joint global coordinator, joint bookrunner, managing underwriter, and joint underwriter for the IPO.
Meanwhile, AmInvestment Bank Bhd is the joint global coordinator, joint bookrunner, and joint underwriter for the IPO.
Cuckoo Malaysia is expected to make its debut on the Main Market of Bursa Securities in the second quarter of 2025. – Bernama
