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KUALA LUMPUR, March 26 (Bernama) -- Main Market-bound Cuckoo International (Mal) Bhd, the local unit of South Korean appliance maker Cuckoo Homesys Co Ltd, aims to raise RM184.8 million from its initial public offering (IPO).
The company's IPO entails the issuance of 143.28 million new shares at an issue price of RM1.29 per share.
Of the total proceeds, 56.7 per cent will go towards product purchases to expand the company's rental business, 21.6 per cent for debt repayment, 2.7 per cent for opening retail outlets or “Brandshops”, 3 per cent for IT upgrades, 5.4 per cent for its Singapore business expansion and the remainder for listing expenses.
Cuckoo Malaysia executive director and chief executive officer Hoe Kian Choon said the company aims to strengthen its market position by increasing product variety and home care services to drive growth and reach new customer segments.
“Apart from broadening markets, we believe this could increase cross-selling opportunities for our sales and service teams.
“Additionally, we plan to improve customer engagement across offline and online channels while expanding our sales and service teams,” he said during the launch of the company’s IPO prospectus today.
He added that the company is focused on expanding its presence in Malaysia and Singapore over the next three years.
“In 2025, we plan to open three ‘Brandshops’ in Malaysia, with another seven scheduled for 2026,” he said.
Cuckoo Malaysia is currently the second-largest player in the home appliance rental segment, with a 23.1 per cent market share as of December 2024.
Applications for the public issue open today. It closes at 5 pm, April 10, 2025, with the listing scheduled for April 30, 2025.
RHB Investment Bank Bhd is the sole principal adviser, joint global coordinator, joint bookrunner, managing underwriter, and joint underwriter for the IPO, while AmInvestment Bank Bhd serves as a joint global coordinator, joint bookrunner, and joint underwriter.
-- BERNAMA
