KUALA LUMPUR: Aquawalk Group Bhd aims to raise RM114.3 million from its initial public offering (IPO) ahead of its ACE Market listing on Bursa Malaysia Securities Bhd on Nov 19, 2025.

The developer and operator of Aquaria KLCC said RM89.77 million, or 78.6 per cent of the total proceeds, will be allocated for capital expenditure, and RM3 million (2.6 per cent) for information technology system improvements.

Another RM14.94 million (12.7 per cent) will be utilised as working capital, and the remaining RM7 million or 6.1 per cent is for estimated listing expenses.

Aquawalk group chief executive officer Daryl Foong said the company’s listing is a significant milestone for the group and for Malaysia’s tourism industry.

"It demonstrates that Malaysia has the regional capacity and the capability to provide world-class entertainment and education and to push the envelope in terms of what is possible for our schooling, our education, our conservation,” he said at the launch of the company’s prospectus.

He said it was possible to carry out educational and conservation work while remaining profitable.

The group plans to expand regionally with new oceanariums in Surabaya, Indonesia and Kota Kinabalu, Sabah, with completion targeted within the next three years, Foong said.

"We intend these locations to be within 40,000 to 70,000 square feet (sq ft). We have bigger ones of about 100,000 sq ft in Phuket,” he said.

He said construction will begin after the IPO. Each new location is expected to employ nearly 100 permanent staff, excluding opportunities created during construction.

The group designs, builds and operates aquariums around the world. In addition to Aquaria KLCC, it also owns and operates Aquaria Phuket and has a 40 per cent stake in Jakarta Aquarium and Safari.

The group will undertake a public issue of 368.6 million new ordinary shares and an offer for sale of 368.6 million existing shares.

Under the public issuance, 92.15 million shares will be made available for application by the Malaysian public, 4.68 million shares to eligible directors, employees and persons who have contributed to the Aquawalk's success, and 271.76 million shares by way of private placement.

The offer for sale will involve 230.37 million existing shares made available by way of private placement to bumiputra investors approved by the Investment, Trade and Industry Ministry, and 138.22 million shares by way of private placement to selected investors.

At an IPO price of 31 sen apiece, the company will have a market cap of RM571.3 million based on a total enlarged share capital of 1.84 billion shares on listing.

Application for the public issue portion opens today and closes at 5 pm on Nov 7, 2025.

M & A Securities is the adviser, sponsor and managing underwriter for the IPO, with CGS International as a joint underwriter and joint placement agent. - Bernama

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