Aquawalk Group Berhad IPO's Analysis
Aquawalk Group Berhad
Aquawalk Group Berhad is a leading developer and operator of aquaria and related artificial ecosystems across Southeast Asia. The Group's principal business activities include the operations and development of its own aquaria, as well as the design, development, and maintenance of new or third-party aquaria. Its portfolio includes Aquaria KLCC in Kuala Lumpur, Malaysia, and Aquaria Phuket in Thailand. Through its 40.0%-owned associate, PT Jakarta Akuarium Indonesia, it also co-owns Jakarta Aquarium Safari (JAQS) in Indonesia. The Group's subsidiary, Aquablu Technologies, provides technical consultancy, design, and maintenance services to third-party clients, leveraging the Group's extensive experience in aquarium operations. Aquawalk focuses on creating accessible, unique, and educational experiences to inspire conservation and interest in the underwater world, serving over 1.5 million visitors annually across its locations.
IPO Details
Market:
ACE
Principal Adviser:
M & A Securities Sdn Bhd
Issuing House:
Malaysian Issuing House (MIH)
Shariah Status:
SC (Yes)
Listing Price:
0.31
MITI allocation?:
Yes
Closing Date:
07-Nov-2025
Balloting Date:
11-Nov-2025
Listing Date:
19-Nov-2025
Oversubscription rate:
6.22x
Average Analysts FV
:
Tradeview (0.45), TA (0.37), RHB (0.43), Mplus (0.38), Apex (0.51)
iSaham IPO Score
:
Market Cap:
571.33 M
Number of Shares:
1,843.00 M
( info)
Median Sectors PE:
N/A
Median Peers PE:
Strategic Overview & Data Visuals
Utilisation of Proceeds
| Purpose | Amount (RM'000) | % | |
|---|---|---|---|
| Expansion | CAPEX - Upgrading and developing new attractions for Aquaria KLCC | 12,200 | 10.68 |
| Expansion | CAPEX - New attractions for Aquaria Phuket | 20,700 | 18.12 |
| Expansion | CAPEX - Construction of an aquarium in Kota Kinabalu | 39,572 | 34.63 |
| Expansion | CAPEX - Construction of an aquarium in Java, Indonesia | 17,300 | 15.14 |
| Expansion | IT systems improvements | 3,000 | 2.6 |
| Working capital | Working capital | 14,494 | 12.7 |
| Listing expenses | Estimated listing expenses | 7,000 | 6.1 |
| Total | 114,266 | 100 | |
Analyst Highlights
| Date | Analyst Highlights |
|---|---|
|
18-Nov-2025
Apex |
|
|
07-Nov-2025
RHB |
|
|
07-Nov-2025
Mplus |
|
|
06-Nov-2025
TradeView |
|
|
06-Nov-2025
TA |
|
Utilisation of Proceeds
Business Segments
Geographical Segments
Major Customers
Revenue by Financial Year Ended
Profit After Tax (PAT) by Financial Year Ended
Revenue by Financial Period Ended
Profit After Tax (PAT) by Financial Period Ended
SWOT Analysis
Strengths
- Proven Track Record: The Group has over two decades of experience in developing and operating premier aquaria, with its flagship, Aquaria KLCC, consistently welcoming visitors since 2005 and winning multiple awards.
- Strategic Locations: Its aquaria are situated in prime, high-traffic tourist locations such as Kuala Lumpur Convention Centre (KLCC) and Central Phuket Floresta, which capitalises on the strong tourism economy in the ASEAN region.
Weaknesses
- High Fixed Costs: The operation of aquariums involves a high fixed cost structure, including rental, depreciation, and animal care. This makes profitability highly sensitive to fluctuations in visitor numbers and revenue.
Opportunities
- Expansion and Upgrades: The Group plans to use IPO proceeds to upgrade and expand its existing popular attractions, Aquaria KLCC and Aquaria Phuket, to enhance visitor experience and maintain its market leadership.
- New Market Entry: The company intends to invest in new projects to increase its market share, including developing new oceanariums in Kota Kinabalu, Sabah, and Java, Indonesia, through strategic joint ventures.
- Favorable Industry Growth: The aquariums industry in Malaysia, Thailand, and Indonesia is projected to grow, driven by rising consumer spending on recreation, a positive economic outlook, and a recovery in tourism.
Threats
- Competitive Landscape: The attractions industry is highly competitive, with aquariums competing against other recreational facilities like zoos, theme parks, and water parks for visitors' discretionary spending.
- Economic and Tourism Sensitivity: The business is cyclical and highly dependent on the health of the tourism industry and general socioeconomic conditions. Economic downturns, pandemics, or travel restrictions can severely impact visitor numbers and revenue.
- Regulatory Risks: Operations are subject to a wide range of laws and regulations in different countries, including those related to animal welfare, wildlife conservation, and business licensing. Changes or non-compliance could adversely affect operations.
- Lease Dependency: The business is highly dependent on the leases for its key aquarium locations in Kuala Lumpur and Phuket. Non-renewal or unfavorable terms for these leases could significantly disrupt operations and profitability.
Key Highlights
Sorry, this feature only available for iSaham Pro
Conclusion
Sorry, this feature only available for iSaham Pro
Aquawalk Group Berhad's Latest News
