Cuckoo International (MAL) Bhd has reduced its initial public offering (IPO) price to RM1.08 for retail and institutional investors.
According to Bursa Malaysia, the IPO price has been adjusted from RM1.29 to RM1.08 per share after the bookbuilding process under the institutional offering.
The following organisations will return 21 sen to successful applicants under the retail offering.
Cuckoo Malaysia is expected to raise RM154.74 million from the IPO based on a public offering of 143.28 million shares, which is RM30.08 million less than the initial projection of RM184.83 million.
A report by The Edge on May 14, 2025 predicted that Cuckoo would lower its IPO price following the less than encouraging response to the offering.
The price reduction came after the company postponed its listing on the Main Market of Bursa Malaysia from April 30 to June 24, 2025 due to global market uncertainty.
The firm's move is the second IPO price adjustment this year, after Eco-Shop Marketing Bhd reduced the price by 6.6% to RM1.13 per share.
The company's shares are valued at a forward earnings ratio of 17.7 times, based on a net profit of RM87.3 million for the financial year ending December 31, 2023 (FY23), compared to 21.2 times at the original IPO price of RM1.29 per share.
