Panda Eco System launched its prospectus today, ahead of its anticipated listing on the ACE Market of Bursa Malaysia Securities Berhad later this month. The retail management solutions provider said it aims to raise RM17.5 million from the exercise.
For the financial year ended 31 December 2022, the Group recorded revenue of RM21.0 million and profit after tax of RM7.0 million.
Through the upcoming IPO, the Group will raise proceeds of approximately RM17.5 million, which it said will serve as a powerful catalyst for expanding its business, enhancing internal capabilities, and driving growth. From the IPO proceeds raised, RM2.7 million will be allocated for the development of new solutions, RM4.5 million is earmarked for domestic and regional business expansion, while RM1.7 million will be dedicated for the recruitment of additional engineers for its Customer Technical Service department and RM3.0 million is designated for the expansion of its new HQ. The remaining RM5.6 million will be used for working capital purposes and listing expenses.
The opening of the IPO comprises a total offering size of 171.1 million shares at the IPO price of RM0.16 per share, where 94.8 million shares via private placement to selected investors, 42.8 million shares to eligible directors, employees as well as persons who have contributed to the success of the Group, and 33.5 million shares to the Malaysian public via way of balloting.
M&A Securities is the Principal Adviser, Sponsor, Sole Underwriter and Placement Agent for Panda Eco System’s IPO.
