Kuala lumpur: Aquawalk Group Bhd made its debut on the ACE Market of Bursa Malaysia, opening at 30 sen, slightly below its initial public offering (IPO) price of 31 sen, with 26.49 million shares traded.
According to BERNAMA News Agency, the public portion of the IPO was oversubscribed by 6.22 times, with bumiputera applications exceeding their allocation by 5.68 times and the non-bumiputera portion by 6.77 times.
Group executive chairman Datuk Simon Foong highlighted that Aquawalk currently has no comparable listed company on Bursa Malaysia, which may have influenced initial market perception. He expressed optimism that the market would recognize Aquawalk’s true valuation over time. The listing is expected to facilitate the company’s expansion plans and enable it to pursue future opportunities more aggressively.
The group’s expansion plan includes the development of a new oceanarium in Kota Kinabalu, Sabah, and an aquarium in Surabaya, Indonesia. Additionally, Aquawalk plans to enhance its flagship Aquaria KLCC with a new rockhopper penguin exhibit, anticipated to be completed by mid-2026.
Executive director and group chief executive officer Daryl Foong noted a healthy mix of local and international visitors across its aquariums, with international visitorship at its Phuket facility historically between 50 to 65 per cent during peak tourism seasons. Aquaria KLCC continues to see growth, bolstered by government incentives and tourism promotion efforts.
Foong addressed potential ticket price increases, stating that any changes would be considered after the completion of a new signature tank at Aquaria KLCC. He emphasized that ticket pricing would be benchmarked against international markets and similar facilities, aiming to ensure strong value for money in terms of educational content and visitor experience.
The proceeds from the IPO will support several key projects, including the penguin tank at Aquaria KLCC, renovation and upgrade works in both Phuket and Kuala Lumpur, and the development of new attractions in Surabaya and Sabah. The penguin tank is scheduled for completion in the second half of 2026, while the aquariums in Surabaya and Kota Kinabalu are targeted for 2027 and 2028, respectively.