Cuckoo Malaysia slashes IPO price to RM1.08, trims fundraising to RM154.7m
Cuckoo International (MAL) Bhd (Cuckoo Malaysia) has lowered its IPO price to RM1.08 per share for both retail and institutional investors, down from RM1.29, following the completion of its book building process.
The company will refund 21 sen per share to successful retail applicants.
The revised pricing reduces its IPO proceeds to RM154.74 million – RM30.08 million less than the earlier target – based on the unchanged issuance of 143.28 million shares.
The South Korean-backed home appliance company earlier delayed its Bursa Malaysia Main Market debut from April 30 to June 24 due to global market volatility.
With the new IPO price, Cuckoo Malaysia's market capitalisation stands at RM1.55 billion, and its trailing PER drops to 17.7 times from 21.2 times previously.
The IPO subscription period closed on June 5.
Cuckoo Malaysia intends to allocate 56.7% of its IPO proceeds to fund product purchases for expanding its rental business.
Additionally, 21.6% will go toward repaying bank borrowings, 2.7% for opening 'Brandshops', 3.0% for IT system upgrades, 5.4% for the expansion of its Singapore unit, Cuckoo International (S) Pte Ltd, and the balance for listing-related expenses.
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