Cuckoo International ends Main Market debut on flat note

Thursday 08 Oct 2026

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KUALA LUMPUR (June 24): Cuckoo International (MAL) Bhd (KL:CKI) ended its maiden trading day on the Main Market of Bursa Malaysia on a flat note. The stock closed at RM1.08, unchanged from its initial public offering (IPO) price, after a rocky share sale.

Cuckoo opened at RM1.09 versus its revised initial public offering price of RM1.08 per share, and climbed to as high as RM1.11, before erasing all the gains. It saw 42.73 million shares traded.

At its last price of RM1.08, the company largely known for renting out water purifiers and other home appliances had a market capitalisation of RM1.6 billion.

Cuckoo had delayed its IPO by two months to ride out the global market turmoil before cutting the price of its shares amid lukewarm response from investors.

Demand from retail investors exceeded the amount of shares available by just 1.42 times while some portions of the IPO were undersubscribed and had to be re-allocated to other categories of investors.

The reduction in the IPO size of Cuckoo mirrors that of dollar-store chain operator Eco-Shop Marketing Bhd (KL:ECOSHOP) that was forced to shrink its own share sale by nearly 7% amid weak demand from investors.

The IPO raised about RM155 million for Cuckoo, which will be largely used for expansion of the company's rental business, repayment of bank borrowings, capital expenditure for new brandshops, IT system upgrades and regional expansion into Singapore.

Cuckoo’s selling shareholders meanwhile walked away with about RM240 million. All in all, the IPO raised RM395 million, which was 16% less than the original target of RM471 million.

RHB Investment Bank is the sole principal adviser, a joint global coordinator, joint bookrunner, managing underwriter, and joint underwriter for the IPO, while AmInvestment Bank is a joint global coordinator, joint bookrunner, and joint underwriter.

Edited ByJason Ng

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