Panda Eco System Bhd, under the leadership of CEO Loo Chee Wee and CTO Tay Kheng Seng, is preparing to launch an initial public offering (IPO) on Bursa Malaysia’s ACE Market. The company has priced its shares at 16 sen each and aims to raise RM17.5 million by the end of the month. This fundraising effort is projected to result in a market capitalization of RM107.4 million, based on an enlarged share capital of 671.19 million shares after the listing.
The IPO will involve issuing 109.29 million new shares, which constitutes 16.3% of the enlarged share capital. Half of the 33.56 million shares available for Malaysian public investors will be divided equally between ordinary and Bumiputera investors. The remaining shares are earmarked for eligible individuals and private placement.
Existing shareholders plan to sell 61.81 million shares, or 9.2% of the enlarged share capital. This move will dilute Goldcoin Capital Sdn Bhd’s stake in Panda Eco System Bhd to 69.6% post-IPO.
The funds raised from the IPO will be allocated towards various needs including the expansion of the company's headquarters, working capital, listing expenses, research and development, workforce expansion, and regional expansion within Asean. In the first half of fiscal year 2023, Panda Eco System Bhd reported a modest increase in net profit and a 22% growth in revenue.
CEO Loo Chee Wee emphasized the company's commitment to ongoing growth, innovation, sustainable profitability, and exceeding customer expectations while creating long-term value for stakeholders.
M&A Securities Sdn Bhd is overseeing the IPO process for Panda Eco System Bhd.
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