KUALA LUMPUR: Panda Eyes Group Bhd has signed an underwriting agreement with M&A Securities Sdn Bhd for its proposed initial public offering (IPO) and listing on the ACE Market of Bursa Malaysia Securities Bhd.
In a statement today, the homegrown fashion retailer said that under the agreement, M&A Securities will underwrite 121.87 million new shares, covering the shares allocated to the Malaysian public and the pink form allocations.
It said the proposed IPO comprises a public issue of 325 million new ordinary shares, representing 20 per cent of the company’s enlarged issued share capital, and an offer for sale of 162.50 million existing shares, representing 10 per cent of its enlarged issued share capital.
Managing director Wang LiangLong said that the proposed IPO will help accelerate the company’s expansion plan.
"We intend to utilise the bulk of the IPO proceeds to establish up to 15 new retail outlets across Malaysia; to refurbish selected existing outlets to elevate the overall in-store shopping experience; and to enhance our working capital as we scale our business.
"Beyond the IPO proceeds, we are currently using our internal funds to enhance our 18-hour daily live streaming activities by adding two more live streaming studios to our existing five, in addition to recruiting more live streaming talents,” he said.
The group is targeting the listing in January 2027, with M&A Securities acting as the principal adviser, sponsor, underwriter and placement agent. - Bernama
