Panda Eyes inks underwriting deal for ACE Market IPO

From left: Valerie Wong Yin Yee, Executive Director of Panda Eyes; Wang LiangLong, Managing Director; Datuk Bill Tan, Managing Director of M & A Equity Holdings; and Danny Wong, Deputy Head of Corporate Finance of M & A Securities.

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.

In a statement, the homegrown fashion retailer said that under the agreement, M&A Securities will underwrite 121.87 million new shares.

This will cover 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% of the company’s enlarged issued share capital, and an offer for sale of 162.50 million existing shares, representing 10% of its enlarged issued share capital.

Managing director Wang Liang Long 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 and to enhance our working capital as we scale our business,” he said. — Bernama