KUALA LUMPUR (April 16): Fashion retailer Panda Eyes Group Bhd is eyeing a listing on the ACE Market to raise funds for expansion and working capital.

The company, which operates 33 eponymous retail outlets in Malaysia, plans to use proceeds from an initial public offering (IPO) to add another 15 new outlets nationwide, according to its draft prospectus. Part of the proceeds will also be used to refurbish its existing outlets, it said.

“These new retail outlets will be located in convenient commercial hubs that are easily accessible to our customers, such as alongside busy roads, shopping malls and shopping districts,” Panda Eyes said.

Founded by a husband-and-wife team, Panda Eyes mainly designs and sells apparel, bags and accessories under its in-house brand through physical stores as well as on e-commerce platforms such as TikTok Shop and Shopee.

The company also retails a range of third-party merchandise, including beauty and personal care products, toys and collectables, and home and living products.

Proceeds from the public issue of new shares will also go towards meeting working capital requirements, including the purchase of inventories and marketing and promotional activities.

Managing director Wang LiangLong and executive director Wong Yin Yee will pocket some cash from an offer for sale of their existing shares in Panda Eyes. Post-listing, their combined stakes will fall to 66.12% from 95% previously.

All in all, the IPO will offer up to 30% stake in the company that made a net profit of RM22.77 million on revenue of RM194.9 million in the 12 months ended June 30, 2025. Panda Eyes also boasts a gross margin of 44% in FY2025.

M&A Securities is the IPO’s principal adviser, sponsor, underwriter and placement agent.