Latest news with #CuckooInternational(MAL)Bhd
New Straits Times
19 hours ago
- Business
- New Straits Times
Investors get refunds as Cuckoo sets IPO price at RM1.08, lower than initial RM1.29
KUALA LUMPUR: Cuckoo International (MAL) Bhd (CKI)'s initial public offering (IPO) has been oversubscribed by 1.42 times ahead of its listing on the Main Market of Bursa Malaysia Securities Bhd. In a statement today, the home appliance manufacturer said the final IPO price for its listing on the Main Market has been set at RM1.08 per share, lower than the initial reference price of RM1.29 per share. "As such, successful retail investors will receive a refund of the 21 sen price difference per share, without any interest," it said in a statement. According to Cuckoo, a total of 7,908 applications for 69.33 million shares were received from Malaysian public investors for the 28.65 million shares offered. The non-Bumiputera public investor portion saw the highest oversubscription rate of 2.49 times, while the Bumiputera public portion recorded an oversubscription rate of 0.35 times. Cuckoo said the 143.28 million shares offered via private placement to local and foreign institutional investors were fully placed out, indicating strong confidence from large-scale investors. In addition, it said 14.33 million shares allocated to eligible individuals, including Cuckoo group employees, were also fully subscribed. RHB Investment Bank Bhd and AmInvestment Bank Bhd are the joint global coordinators for this IPO. The share allotment notices will be posted to all successful applicants on June 23.
Malaysian Reserve
3 days ago
- Business
- Malaysian Reserve
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.
