Panda Eyes Group Berhad, a Malaysian fashion retailer, has signed an underwriting agreement with M & A Securities Sdn Bhd as part of its plans to launch an initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Berhad.
The IPO will involve the issuance of 325 million new shares, representing 20% of the company’s enlarged share capital, and the sale of 162.5 million existing shares, accounting for 10%.
Founded in 2016, Panda Eyes has established itself in the fashion industry by offering affordable, contemporary fashion primarily for women.
The company operates 33 retail outlets across Peninsular Malaysia and maintains a strong online presence through platforms like TikTok Shop and Shopee, which have a combined following of 2.6 million.
The IPO proceeds will be used to open up to 15 new retail outlets, refurbish existing ones, and enhance working capital. Additionally, Panda Eyes plans to expand its live streaming capabilities by adding two more studios to its current five and hiring more talent.
Wang LiangLong, Managing Director of Panda Eyes, stated, “The signing of the underwriting agreement marks a significant milestone in Panda Eyes’ journey towards becoming a public listed company.” He emphasised the company’s commitment to serving value-conscious customers through its omnichannel retail model.
M & A Securities, acting as the Principal Adviser, Sponsor, Underwriter, and Placement Agent, expressed enthusiasm about Panda Eyes’ market entry. Datuk Bill Tan Choon Peow, Managing Director of M & A Equity Holdings Berhad, highlighted the company’s strong online business, which contributed 58.5% of its $61.3m revenue for the financial year ending 30 June 2025.
Panda Eyes aims to list on the ACE Market by January 2027.
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