SINGAPORE : Cuckoo International has revised the pricing of its initial public offering (IPO) in Malaysia, reducing it by 16.3% to RM1.08 per share from the earlier proposed RM1.29, according to a recent filing with the stock exchange.
The adjustment is expected to reduce the total value of the offering to approximately RM394 million, down from around RM471 million. The household goods manufacturer had initially planned to list on 30 April but deferred the launch by two months due to volatility in global financial markets.
The IPO is now anticipated to conclude by 24 June. Cuckoo International is majority-owned by South Korea-listed Cuckoo Homesys, which holds a 62.5% stake, as outlined in the company’s IPO prospectus.
In its draft submission, the firm indicated a substantial portion of the proceeds would be allocated towards acquiring inventory to support the expansion of its rental business. The company underscored the importance of adequate cash flow to finance product purchases and commission payments, both essential to sustaining growth in the segment.
-The Star
