Aquawalk IPO: RM114 million for aquarium expansion!

Aquawalk IPO: RM114 million for aquarium expansion!

The bottom line is that Aquawalk Group Bhd will take a big step into the financial world in a few weeks. On November 19, 2025, the company plans to conduct an initial public offering (IPO) on Bursa Malaysia Securities Bhd's ACE Market through which it aims to raise up to RM114.3 million. CEO Daryl Foong expressed optimism and described the move as crucial for the company and Malaysia's tourism sector. The IPO is intended to lay the foundation for the development of new attractions and the financing of existing facilities.

The distribution of proceeds is as follows: 78.6% or RM89.77 million is earmarked for investment in new and existing attractions, including funds for upgrades at Aquaria KLCC and Aquaria Phuket. New attractions are planned, such as the new penguin tank in KLCC, which is to be built between 2025 and 2027, and another aquarium in Kota Kinabalu, which is in the starting blocks between 2026 and 2028. Investment of RM17.3 million is also planned for a new aquarium in Java, Indonesia.

IPO details

In total, the IPO offering includes a public issue of 368.6 million new shares and the sale of as many existing shares. The price per share will be 31 sen, giving the company a market capitalization of RM571.3 million upon listing. Interestingly, under the public issue, 92.15 million shares are reserved for the Malaysian public, while 4.68 million are reserved for eligible directors and employees. Applications for the public issue begin today and close on November 7, 2025 at 5 p.m.

The allocation of funds includes RM3 million (2.6%) for IT improvements and a further RM14.94 million (12.7%) for working capital. In addition, RM7 million (6.1%) is budgeted for listing-related expenses. This shows that Aquawalk is not only thinking about expansion, but also about optimizing internal processes. The company operates Aquaria KLCC and Aquaria Phuket and holds 40% of Jakarta Aquarium and Safari. The new expansion in Indonesia and Sabah is seen as key to further strengthening the company.

Regional cooperation and trade

In the context of the ASEAN market, Aquawalk's expansion strategy is supported by the recent bilateral trade negotiations between Thailand and Malaysia. These talks, which took place on April 17, 2025, aimed to consolidate strategic trade cooperation within ASEAN. Bilateral trade between the two countries was estimated at over USD 26 billion in 2024, an increase of 3.88% compared to the previous year, which speaks for the growth in the region.

Thailand in particular plays a central role in trade with Malaysia with its numerous exports such as automobiles, refined petroleum and steel products. This stability will also benefit Aquawalk, which should benefit from the improving economy and growing tourism. Optimizing accessibility to attractions is expected to increase visitor numbers and further boost orders.

With the new developments at Aquawalk and the positive trade news between ASEAN countries, an exciting time lies ahead for tourism and business in this region. It is all the more clear that cooperation within ASEAN is becoming increasingly important for companies like Aquawalk.

For more information, see reports from The Exchange Asia, The Sun and Bangkok Post.