Panda Eyes signs underwriting deal for planned ACE Market IPO
The Malaysian fashion retailer is targeting a January 2027 listing, with proceeds mainly intended for store expansion, refurbishment and working capital.
Panda Eyes Group Bhd has appointed M & A Securities Sdn Bhd as underwriter through an agreement ahead of a planned Bursa Malaysia ACE Market listing. The fashion retailer is aiming to list in January 2027.
Managing director Wang LiangLong said funds raised would chiefly support up to 15 new outlets, upgrades to selected existing stores and additional working capital. Separately, the group is using internal funds to add two livestreaming studios to its existing five and recruit more presenters.
The IPO will include 325 million new shares, equivalent to 20 per cent of the enlarged share capital. A further 162.5 million existing shares, representing 10 per cent, will be offered for sale.
The new-share allocation comprises 81.25 million shares for public balloting in Malaysia and 40.625 million for eligible persons of the company. The other 203.125 million shares are earmarked for placement with Bumiputera investors approved by the Investment, Trade and Industry Ministry.
For the financial year ended June 30, 2025, Panda Eyes recorded revenue of RM194.9 million and profit after tax of RM22.8 million. Its net profit margin was about 11.7 per cent. Online channels generated 58.5 per cent of revenue, while its online platforms collectively have 2.6 million followers.
Established in 2016, the retailer sells own-brand clothing, bags and personal accessories, alongside third-party beauty, personal care, toy and home products. It had 33 outlets in Peninsular Malaysia as at March 2, 2026, and also sold through TikTok Shop and Shopee.
M & A Securities also serves as principal adviser, sponsor and placement agent for the flotation.
