Cuckoo Malaysia's IPO sees modest retail demand, oversubscribed by 1.42 times
CUCKOO International Bhd, the Malaysian arm of South Korea's Cuckoo Homesys Co Ltd, has recorded modest public interest in its initial public offering (IPO), with an overall oversubscription rate of 1.42 times ahead of its Main Market debut on Bursa Malaysia scheduled for June 24.
The company received 7,908 applications for 69.33 million shares, against the 28.66 million shares offered to the Malaysian public.
'The positive response for our IPO is both humbling and encouraging despite the market volatility and the rescheduling of our IPO to June 24, 2025,' said CEO Hoe Kian Choon in a statement today.
'It reflects the confidence investors have in Cuckoo Malaysia's vision, business model, and long-term growth potential.'
Cuckoo had earlier revised its IPO issue price down from RM1.29 to RM1.08 per share, following the bookbuilding process and in light of a two-month deferment of its listing date due to market conditions.
The Bumiputera public portion of the IPO saw an undersubscription of 0.35 times with 2,646 applications, while the remaining public portion drew a healthier response at 2.49 times oversubscription with 5,262 applications.
Meanwhile, the institutional offering of 143.28 million shares was fully placed out to Malaysian and foreign investors.
The 14.33 million shares reserved for eligible persons were also fully taken up, following a reallocation from the clawback of 179.1 million offer shares originally allocated to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (Miti).
Notices of allotment will be issued on June 23, and successful retail applicants will receive a refund of 21 sen per share due to the downward price revision.
The IPO is expected to raise RM154.74 million in gross proceeds, which will be channelled toward rental business expansion, loan repayments, new Brandshops, IT upgrades, and regional growth in Singapore.
RHB Investment Bank is the principal adviser and sole managing underwriter, while it jointly acts as global coordinator and bookrunner alongside AmInvestment Bank. –TMR
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