KUALA LUMPUR (Nov 11): Panda Eyes Group Bhd has signed an underwriting agreement with M&A Securities Sdn Bhd for the homegrown fashion retailer’s listing slated for January 2027.
M&A Securities will underwrite new shares for public investors and eligible persons under pink form allocation, according to a statement on Wednesday. The initial public offering (IPO) on the ACE Market will also come with an offer for sale of existing shares.
“The proposed IPO will help accelerate our expansion plan,” Panda Eyes managing director Wang LiangLong said.
Founded by Wang and his wife Wong Yin Yee, who is also the executive director, 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. Panda Eyes has 33 eponymous physical retail outlets across Peninsular Malaysia as at March.
The expansion plan calls for another 15 new outlets nationwide, according to its draft prospectus filed in April. Part of the proceeds will also be used to refurbish its existing outlets.
“Beyond the IPO proceeds, we are currently using our internal funds to enhance our 18-hour daily live-streaming activities by adding two more studios to our existing five, in addition to recruiting more live-streaming talents,” Wang said.
All in all, the IPO will offer up to a 30% stake in the company that made a net profit of RM22.8 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.