Cuckoo Listed on Malaysian Stock Exchange... "Expanding Presence in Overseas Rental Market"

Market Capitalization Estimated at 500 Billion KRW

Cuckoo announced on the 25th that its Malaysian subsidiary, Cuckoo International (MAL) Berhad, has been listed on the Main Market of Bursa Malaysia Securities.

Cuckoo International Berhad offered a total of 293,724,000 shares (143,280,000 new shares and 150,444,000 existing shares) through this listing, with the final offering price set at 1.08 ringgit (approximately 346 KRW) per share. The total offering size amounts to approximately 317.22 million ringgit, and the market capitalization is estimated at about 1.547 billion ringgit (approximately 500 billion KRW, based on new shares issued). The price-to-earnings ratio (PER) is 10.5 times.

Cuckoo plans to use the funds raised through this listing for various strategies to strengthen its brand presence and sales capabilities in the Malaysian market. Specifically, the funds will be used to expand products and services, extend the omnichannel distribution network, improve logistics and warehouse management systems, and upgrade data servers.

Launched as a joint venture in 2015, Cuckoo International Berhad has continued to expand its sales through a diverse lineup of water purifiers and services that meet Malaysian consumer needs.

It has also contributed to driving the overall growth of Cuckoo's overseas subsidiaries. The proportion of Cuckoo's overseas sales, centered on the Malaysian subsidiary, has been steadily increasing. Last year, overseas subsidiaries accounted for 30% of the company's total sales of approximately 2 trillion KRW, demonstrating consistent growth.

Cuckoo plans to gradually expand its presence in the overseas rental market based on its listing in Malaysia.

Hoh Kian Chun, CEO of Cuckoo International, stated, "Investor response to this IPO was more positive than expected, reflecting their trust in Cuckoo International Berhad's vision, business model, and growth potential. We expect to achieve our target growth based on our flexible business model, continued demand for wellness products and services, and our relentless efforts toward innovation and market expansion."