KUALA LUMPUR, Aquawalk Group Bhd is set to raise RM114.3 million from its initial public offering (IPO) ahead of its ACE Market debut on Bursa Malaysia Securities Bhd on Nov 19, 2025.
The developer and operator of Aquaria KLCC said RM89.77 million, or 78.6% of the proceeds, will be allocated for capital expenditure, while RM3 million (2.6%) will go toward upgrading information technology systems. Another RM14.94 million (12.7%) is earmarked for working capital, and RM7 million (6.1%) for listing-related expenses.
Aquawalk Group CEO Daryl Foong described the listing as a major milestone for both the company and Malaysia’s tourism sector. “It shows Malaysia’s ability to deliver world-class entertainment and education, while advancing conservation efforts sustainably and profitably,” he said at the launch of the company’s prospectus.
Foong said the group plans regional expansion with new oceanariums in Surabaya, Indonesia, and Kota Kinabalu, Sabah, aiming for completion within three years. “These locations will range from 40,000 to 70,000 sq ft, while our larger Phuket facility spans about 100,000 sq ft. Construction will start after the IPO, with each site employing nearly 100 permanent staff, excluding construction-related jobs,” he added.
In addition to Aquaria KLCC, the group owns and operates Aquaria Phuket and holds a 40% stake in Jakarta Aquarium and Safari.
The IPO comprises a public issue of 368.6 million new ordinary shares and an offer for sale of 368.6 million existing shares. Of the public issue, 92.15 million shares are available to the Malaysian public, 4.68 million to eligible directors, employees, and contributors, and 271.76 million via private placement. The offer for sale includes 230.37 million shares for Bumiputera investors approved by the Investment, Trade and Industry Ministry and 138.22 million shares for selected investors through private placement.
Priced at 31 sen per share, Aquawalk will have a market capitalisation of RM571.3 million upon listing, based on a total enlarged share capital of 1.84 billion shares. Applications for the public issue open today and close at 5 pm on Nov 7, 2025.
M&A Securities is acting as adviser, sponsor, and managing underwriter for the IPO, with CGS International serving as joint underwriter and joint placement agent.
