Aquawalk Group Berhad (“Aquawalk”), the developer and operator of several world-class aquaria including Aquaria KLCC, has garnered strong investor interest for its initial public offering (“IPO”), which has been oversubscribed by 6.22 times ahead of its listing on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”).
Established in 2005, Aquawalk, through its subsidiaries (collectively known as the “Group”), designs, builds, and operates aquariums, with a presence in three key markets in Southeast Asia: Malaysia, Thailand, and Indonesia. The multi award-winning Aquaria KLCC features a diverse collection of approximately 5,000 aquatic species and the longest underwater tunnel in Malaysia. Aquaria Phuket stands among Thailand’s largest aquariums and is uniquely distinguished as the nation’s only aquarium to offer an exclusive fine-dining experience in front of the main tank. In Jakarta, the Group co-owns Jakarta Aquarium Safari (“JAQS”) through its 40.0% stake in its associate company, PT Jakarta Akuarium Indonesia (“PJAI”).
Welcoming well over one million visitors annually across its portfolio, the Group blends tourism, education, and conservation to deliver memorable attractions while contributing to marine conservation and sustainable tourism.
Aquawalk’s IPO entails a public issue of 368.6 million new ordinary shares (“Issue Shares”) at an issue price of RM0.31 per Share. This represents 20.0% of the enlarged share capital after the IPO, with RM114.3 million expected to be raised. In addition, there is an offer for sale of 368.6 million existing shares (“Offer Shares”), representing 20.0% of the enlarged share capital after the IPO, by way of private placement to selected investors and Bumiputera investors approved by the Ministry of Investment, Trade, and Industry (“MITI”).
In terms of the 92.2 million Issue Shares allocated to the Malaysian public, Aquawalk has received a total of 8,986 applications for 665.6 million Issue Shares with a value of approximately RM206.3 million, representing an overall oversubscription rate of 6.22 times. The breakdown of applications is as follows:
-
For the Bumiputera portion, 5,125 applications for 307,774,500 Issue Shares were received, representing an oversubscription rate of 5.68 times.
-
For the public portion, 3,861 applications were submitted for 357.9 million Issue Shares, resulting in an oversubscription rate of 6.77 times.
Meanwhile, the 4.7 million Issue Shares available for application by eligible directors, employees, as well as persons who have contributed to the success of the Group, have been fully subscribed.
In addition, the 271.8 million Issue Shares and 138.2 million Offer Shares by way of private placement to selected investors, as well as the 230.4 million Offer Shares by way of private placement to Bumiputera investors approved by MITI, have also been fully placed out.
Notices of allotment will be posted to all successful applicants on 18 November 2025.
Group Executive Chairman of Aquawalk, Dato’ Simon Foong (拿督冯重兴), said, “We are pleased and encouraged by the overwhelming response to our IPO, which reflects public confidence in Aquawalk and the exciting growth prospects we have ahead. The proceeds will be channelled towards upgrading and expanding our existing aquaria, namely Aquaria KLCC and Aquaria Phuket, as well as investing in new projects in Kota Kinabalu, Malaysia, and Java, Indonesia.”
Aquawalk Group is scheduled to be listed on the ACE Market of Bursa Securities on Wednesday, 19 November 2025. Upon listing, the Group will have a market capitalisation of RM571.3 million based on the enlarged share capital of 1,843,000,000 shares and the IPO price of RM0.31 per share.
M & A Securities Sdn Bhd serves as the Adviser, Sponsor, Managing Underwriter, Joint Underwriter, and Joint Placement Agent, while CGS International Securities Malaysia Sdn Bhd serves as the Joint Underwriter and Joint Placement Agent for this IPO exercise.
