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Aquawalk Group Bhd, recognized for operating the popular Aquaria KLCC, is making waves in the financial waters by launching an initial public offering (IPO) on the ACE Market. This move is anticipated to generate as much as RM230 million, which the company intends to allocate toward its ambitious expansion, including the development of new oceanariums. "We are looking forward to expanding our reach and enhancing our attractions to provide better experiences for our visitors," said Daryl Foong Chuen Hoe, the CEO of Aquawalk Group.
The IPO is priced at 31 sen per share, as detailed in the company's prospectus. Of the total funds raised, RM114.3 million is earmarked for enhancing existing attractions and creating new oceanariums, while an equal amount will be distributed among a select group of current shareholders. Applications for shares opened recently and will close on November 7, with plans for a public listing scheduled for November 19.
This IPO is significant for Aquawalk Group, coinciding with the 20th anniversary of Aquaria KLCC, which has long been a favorite for educational visits and a tourist hotspot. "Aquaria KLCC plays a vital role in promoting marine education and awareness among schools and the public," remarked Datuk Simon Foong, the executive chairman of Aquawalk Group. The company also manages Aquaria Phuket in Thailand, the largest aquarium exhibit in the country, in addition to holding a 40% stake in Jakarta Aquarium & Safari in Indonesia.
The funds raised through the IPO will not only facilitate the construction of new oceanariums, such as one planned in Kota Kinabalu, Sabah, but will also support enhancements to existing attractions and advancements in technology systems. "We want to create immersive experiences that resonate with visitors and educate them about marine life," added Foong.
On the financial side, the company plans to repay existing debts and bolster its working capital, illustrating a strong dedication to maintaining financial health while pursuing growth. M&A Securities is leading the IPO as the adviser, sponsor, and managing underwriter, joined by CGS International Securities in a joint underwriter capacity and placement agent roles.
As the company steps into this new phase of growth, the excitement is palpable within its ranks. "This IPO is just the beginning of an exciting journey for Aquawalk Group," said an anonymous source within the organization, highlighting the potential for future projects and expansions. The forthcoming enhancements are not only expected to elevate the visitor experience but also position the company favorably within a competitive market.
With the public eagerly awaiting the results of the share offering, the IPO marks a defining moment for Aquawalk Group as it celebrates two decades of commitment to marine conservation and education at Aquaria KLCC. Investors will soon discover whether this venture into the capital market will yield the anticipated financial support necessary to realize the company’s expansive vision.