KUALA LUMPUR: Panda Eco System Bhd has entered into an underwriting agreement with M&A Securities Sdn Bhd in conjunction with its initial public offering (IPO) on the ACE Market of Bursa Malaysia.

In a statement, the company said it specialises in providing retail management solutions tailored to meet the operational needs of retail chain stores.

Panda Eco System’s IPO involves a total offering of 171.1 million ordinary shares representing 25.5% of its enlarged share capital of 671.2 million shares upon listing.

“The timing of our IPO aligns strategically with our expansion plans, and the proceeds to be raised will serve as a catalyst for developing new solutions, expanding our operations in Malaysia, and venturing into vibrant regional markets such as Indonesia and the Philippines,” said group executive director and CEO Loo Chee Wee.

The IPO comprises a public issue of 109.3 million new shares and an offer for sale of 61.8 million existing shares.

Of the shares, 94.8 million shares will go towards private placement to selected investors; 42.8 million shares to eligible directors, employees and persons who have contributed to the success of the group; and 33.5 million shares to the Malaysian public by way of balloting.

M & A Securities is the principal adviser, sponsor, sole underwriter and placement agent for Panda Eco System’s IPO.

Pursuant to the underwriting agreement, about 76.3 million new shares made available to the Malaysian public and pink form allocations will be underwritten by M&A Securities.