Carlo Rino Group Berhad which is currently listed on the LEAP Market of Bursa Malaysia Securities Berhad will be taking a major step toward its Initial Public Offering journey with the move to be listed on the ACE Market. The group had signed an underwriting agreement with TA Securities Holdings Berhad for its transition.
The Company will undertake an IPO which entails the Public Issue of 171,865,700 new ordinary shares in Carlo Rino ("Issue Shares"), representing approximately 17.58% of the Company's enlarged issued share capital. TA Securities will underwrite 49,676,000 Issue Shares, representing 5.08% of the Company's enlarged issued share capital; which comprise 48,876,000 Issue Shares, representing the portion made available to the Malaysian public via balloting and 800,000 Issue Shares to be subscribed by the Independent Non-Executive Directors of the Company.
Carlo Rino is principally involved in the designing, promoting, marketing, distributing and retailing of women's handbags, footwear and accessories under the brand name of Carlo Rino and C.Rino (for eyewear). The Company and its subsidiaries market, distribute and sell their products via three distribution channels nationwide.
According to Carlo Rino, proceeds from the IPO will be utilised for the construction and fitting out of a new flagship boutique at Jalan Imbi, Kuala Lumpur and other facilities, including IT and security systems; refurbishment of boutiques and counters at departmental stores; and the maintenance of IT infrastructure. The remaining proceeds will be used for working capital of the Group and IPO expenses.
Carlo Rino is expected to be listed in the fourth quarter of 2024. TA Securities is the Principal Adviser, Sponsor, Sole Underwriter, and Placement Agent of the IPO.
