AQUARIUM OPERATOR AQUAWALK MAKES ACE MARKET DEBUT DOWN ONE SEN FROM IPO PRICE

KUALA LUMPUR, Nov 19 (Bernama) -- Aquawalk Group Bhd opened at 30 sen in its ACE Market debut on Bursa Malaysia today, one sen below its initial public offering (IPO) price of 31 sen, with 26.49 million shares traded.

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 noted that Aquawalk currently has no comparable listed company on Bursa Malaysia, which may have influenced initial market perception. “We hope that, given time, the market will realise the valuation we deserve,” he said at a press conference after the listing.

However, he said the listing allows Aquawalk to accelerate its expansion plans and pursue future opportunities more aggressively.

As part of its expansion plan, the group intends to develop a new oceanarium in Kota Kinabalu, Sabah, and an aquarium in Surabaya, Indonesia, while also enhancing its flagship Aquaria KLCC with a new rockhopper penguin exhibit slated for completion by mid-2026.

Meanwhile, executive director and group chief executive officer Daryl Foong said the group continues to record a healthy mix of local and international visitors across its aquariums, with international visitorship at its Phuket facility historically hovering around 50 per cent and occasionally rising up to 60 to 65 per cent during peak tourism seasons. He added that Aquaria KLCC has also remained on an upward trajectory, supported by incentives and tourism promotion efforts by the government.

When asked about potential ticket price increases, he said any adjustments would likely be considered only after the completion of a new signature tank at Aquaria KLCC, which would provide a clear basis for a price revision.

“When reviewing ticket prices, we benchmark ourselves against both international markets and comparable facilities like Singapore Oceanarium, Hong Kong Ocean Park, and others. Our focus is on ensuring strong value for money, whether in educational content, enrichment, or overall visitor experience,” he said. 

Daryl said proceeds from the IPO will be channelled towards several key projects, including the penguin tank at Aquaria KLCC, renovation and upgrade works in both Phuket and Kuala Lumpur, as well as the development of new attractions in Surabaya and Sabah.

The penguin tank is expected to be completed in the second half of 2026, while the Surabaya and Kota Kinabalu aquariums are targeted for 2027 and 2028, respectively.

-- BERNAMA