Carlo Rino Group Berhad (“Carlo Rino” or “Company”), a designer, distributor and retailer of a wide collection of women’s handbags, footwear, and accessories which is currently listed on the LEAP Market of Bursa Malaysia Securities Berhad (“Bursa Securities”) (“LEAP Market”), has taken a significant step toward its Initial Public Offering (“IPO”) journey by signing an underwriting agreement with TA Securities Holdings Berhad (“TA Securities”) for its transition to the ACE Market on Bursa Securities (“ACE Market”).
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.
Additionally, the remaining 122,189,700 Issue Shares, representing 12.50% of the Company’s enlarged issued share capital, will be made available for application by way of private placement to identified Bumiputera investors approved by the Ministry of Investment, Trade and Industry.
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 (“Group”) market, distribute and sell their products via three distribution channels nationwide: Carlo Rino boutiques, departmental store counters, and e-commerce platforms via Carlo Rino online store www.carlorino.net and various third-party e-commerce marketplaces.
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.
Dato’ Sri Chiang Fong Yee, Group Managing Director of Carlo Rino said, “We are proud to announce this significant milestone as we transition from the LEAP Market to the ACE Market. This IPO represents Carlo Rino’s solid foundation and our ambitious plans for future growth. With the proceeds, we aim to expand our flagship boutique and enhance our operational infrastructure.”
Mr Tah Heong Beng, the Executive Director Operations of TA Securities said, “We are excited to support Carlo Rino in its significant milestone of transfer listing from the LEAP Market to the ACE Market which will further enhance its brand recognition in the region as well as enabling the public to participate in the future growth of the Company. We look forward to a successful listing of Carlo Rino on the ACE Market and continued collaboration with Carlo Rino on its next phase of the growth journey.”
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.
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