KUALA LUMPUR: Local fashion retailer Panda Eyes Group is moving one step closer to its listing ambition after signing an underwriting agreement with M & A Securities Sdn Bhd, as it targets a listing on the ACE Market of Bursa Malaysia Securities Bhd by January 2027.
Panda Eyes is principally involved in the design and retail of fashion products. Its portfolio includes its own brands of apparel, bags and personal accessories, alongside beauty and personal care products, toys, collectibles and household goods.
Established in 2016, the group focuses on affordable contemporary and modest fashion catering to female consumers across different age groups.
As at March 2, it operates 33 physical retail outlets across Peninsular Malaysia and expanded its online presence through TikTok Shop and Shopee, with a combined following of 2.6 million across the two platforms.
The group's initial public offering (IPO) will involve the issuance of 325 million new shares, representing 20% of its enlarged share capital, alongside an offer for sale of 162.5 million existing shares, equivalent to 10%.
Of the new shares, 81.25 million will be made available to the Malaysian public, while 40.625 million will be allocated to eligible directors, employees and other persons who have contributed to the group's success.
The remaining 203.125 million shares will be privately placed with bumiputera investors approved by the Ministry of Investment, Trade and Industry.
M & A Securities will underwrite 121.875 million new shares, covering the public subscription and pink form allocations.
Panda Eyes managing director Wang Liang Long said the IPO would accelerate the group's expansion plans, with most of the proceeds earmarked for opening up to 15 new retail outlets nationwide, refurbishing existing stores and strengthening working capital.
The group also plans to use internally generated funds to expand its livestreaming facilities from five studios to seven and recruit additional talent to support its 18-hour daily livestream sales operations.
According to the draft prospectus dated March 2, the group recorded revenue of RM194.9 million and profit after tax of RM22.8 million for the financial year ended June 30, 2025. Online sales accounted for 58.5% of the group's total revenue.