KUALA LUMPUR: Following several hiccups during its share sale, Cuckoo International Bhd has finally made its debut on the Main Market of Bursa Malaysia at a slight premium to its initial public offering (IPO) price.
The home appliance company, a Malaysian subsidiary of South Korea's Cuckoo Homesys Co Ltd, started on the market at RM1.09 a share, up one sen from its IPO price of RM1.08 a share, and hit an intra-morning high of RM1.11.
As at 10.25am, the share was trading flat at RM1.08 after 27.97 million units changing hands.
Cuckoo's IPO, which was initially planned for April 30, was delayed for two months over concerns about global market volatility. The firm subsequently cut its IPO price by 16.3% from RM1.29 to RM1.08 a share - reducing the size of its IPO to about RM394mil from about RM471mil.
Cuckoo, which raised RM154.74mil from the IPO, will use the proceeds to open new concept stores that will allow cash-and-carry purchases and expand its business in Singapore.
