From left: Kevin Davies, CEO and managing director of RHB Investment Bank; Hoe Kian Choon, non-independent executive director and CEO of Cuckoo International (MAL); and Tracy Chen Wee Keng, CEO of AmInvestment Bank
KUALA LUMPUR: Cuckoo International (M) 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.
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, cooperatives 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 179.10 million shares will be allocated to bumiputra investors approved by the Investment, Trade and Industry Ministry.
Meanwhile, 100.30 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 United States under Regulation S.
The company 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 chief executive officer 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.
Cuckoo Malaysia is expected to make its debut on the Main Market in the second quarter of 2025. — Bernama
