IPO Insights

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
PE Ratio: 15.0-18.2
    PE (FYE): 15.7
    PE (FPE Annualised): 18.17
    PE (Hybrid): 15.03
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
IPO Allocations No. of Shares %
Malaysian Public 92.15 M 5.0%
Bumiputera shareholders approved by MITI 230.38 M 12.5%
Eligible Directors and employees 4.686 M 0.25%
Private placement to selected investors and others 409.989 M 22.25%
Total Allocations 737.20 M 40.0%

Offer for Sales of 368.60 M existing shares representing 20.0% enlarged shares.

Public Issue of 368.60 M new shares representing 20.0% enlarged shares.

Median Sectors PE: N/A
Median Peers PE:
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
Utilisation of Proceeds
SWOT Analysis

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