14-05-2025
- Business
- Malaysian Reserve
Cuckoo sets May 22 deadline for IPO withdrawal applications after rescheduling listing
CUCKOO International (Mal) Bhd has set 5pm on May 22, 2025, as the closing date for investors to withdraw their applications for its initial public offering (IPO), following a rescheduling of its listing exercise initially announced on April 9.
Investors who applied for IPO shares before the rescheduling announcement and now wish to withdraw can do so through the Malaysian Issuing House (MIH), participating bank branches, or online platforms.
Refunds will be processed either on the same day or within eight market days of receipt of valid withdrawal requests.
Despite the withdrawal option, the IPO application for the retail offering remains open until 5pm, on June 5, 2025. The company aims to list on the Main Market of Bursa Malaysia on June 24, 2025.
This update was disclosed in a supplementary prospectus issued today, which amends the principal prospectus dated March 26, 2025.
The decision to delay the listing was described as a strategic move aimed at ensuring a successful and sustainable market entry amidst ongoing market volatility.
In conjunction with the new prospectus, Cuckoo Malaysia reported record financial performance for the financial year ended December 31, 2024 (FY24).
The company posted revenue of RM1.24 billion, an 11.0% increase year-on-year, maintaining its track record of over RM1 billion in annual revenue.
The growth was driven by a 62.6% surge in sales of Cuckoo co-created products to RM250.3 million, and a 3.0% increase in Cuckoo-branded products to RM983.2 million.
The company also recorded a 23.2% rise in profit before tax (PBT) and a 47.7% increase in profit attributable to owners of the company (PATAMI), reaching RM128.9 million.
'We are pleased to deliver a strong financial performance, highlighting our ongoing commitments in expanding the Company's market presence by leveraging Cuckoo Malaysia's effective business model, omni-channel distribution network and ever-expanding wellness ecosystem,' said its CEO and non-independent ED Hoe Kian Choon.
He added: 'We are confident that it will support our continued growth and enable us to serve a larger customer base by building brand loyalty to retain our customers, and to cross-sell more of our products or services to them.' — TMR
