The Malaysian arm of South Korea’s Cuckoo Holdings Co. is gearing up for a substantial IPO in Kuala Lumpur, aiming to raise up to 750 million ringgit ($172 million) in 2024, according to sources familiar with the matter. The listing could value Cuckoo International (Mal) Sdn. at approximately 3 billion ringgit, though specifics on size and timing may still shift.
A recent IPO prospectus filed by Cuckoo proposes selling up to 222 million existing shares and 143 million new shares at a price yet to be determined. Cuckoo International, established in 2014 to distribute rice cookers and water purifiers, has since expanded its offerings to air purifiers and various kitchen and home appliances. Its Seoul-listed shares have surged by 47% this year, reflecting growing investor confidence.
Several other companies are eyeing Kuala Lumpur for IPOs in 2024, including Sunway Healthcare Group, MMC Port Holdings, and South Korea’s OCI Holdings’ local polysilicon unit. This year, Malaysia has hosted 38 IPOs worth $1.4 billion, a notable rise from 20 IPOs totaling $569 million in 2023, according to Bloomberg.
RHB Investment Bank and AmInvestment Bank are co-managing Cuckoo’s IPO, signaling confidence in the brand’s growth potential in Malaysia’s booming market.