KUALA LUMPUR: Fashion retailer Panda Eyes Group Bhd has signed an underwriting agreement with M & A Securities Sdn Bhd ahead of its proposed listing on the Ace Market of Bursa Malaysia, targeted for January 2027.
The initial public offering (IPO) comprises 325 million new shares, representing 20 per cent of its enlarged share capital, and an offer for sale of 162.5 million existing shares, or 10 per cent.
Of the new shares, 81.25 million will be offered to the Malaysian public through balloting, while 40.625 million will be allocated for eligible persons of the company.
The remaining 203.125 million shares will be placed with Bumiputera investors approved by the Investment, Trade and Industry Ministry.
Founded in 2016, Panda Eyes designs and retails apparel, bags and personal accessories under its own brand, alongside third-party beauty, personal care, toys and home products.
As at March 2, 2026, the group operated 33 retail outlets across Peninsular Malaysia and sold its products through TikTok Shop and Shopee.
Its online platforms collectively have 2.6 million followers, while online sales contributed 58.5 per cent of its RM194.9 million revenue in the financial year ended June 30, 2025 (FY25).
The group recorded a profit after tax of RM22.8 million for FY25, with a net profit margin of about 11.7 per cent.
Managing director Wang LiangLong said the IPO proceeds would mainly fund the opening of up to 15 new outlets, refurbishment of selected stores and additional working capital.
The group is also expanding its livestreaming operations by adding two studios to its existing five and recruiting more livestreaming presenters, using internal funds.
M & A Securities is acting as the principal adviser, sponsor, underwriter and placement agent for the IPO.