This article first appeared in Capital, The Edge Malaysia Weekly on November 17, 2025 - November 23, 2025

AFTER nearly two decades of operating Aquaria KLCC, one of Malaysia’s most visited attractions at the Petronas Twin Towers, the company behind the oceanarium is entering the capital market.

Aquawalk Group Bhd, the holding company that owns and operates Aquaria KLCC in Malaysia and Aquaria Phuket (Thailand’s largest aquarium exhibit) and holds a 40% stake in Jakarta Aquarium Safari in Indonesia, is slated to be listed on the ACE Market of Bursa Malaysia on Wednesday (Nov 19).

The listing marks the group’s next phase of growth as it looks to benefit from Visit Malaysia 2026. The national campaign includes several government initiatives: an individual tax relief of up to RM1,000 for entrance fees, a promotional allocation of RM700 million and extended visa-free access for China and India.

The IPO was priced at 31 sen per share, raising nearly RM230 million in total. The offering raised RM114.3 million for Aquawalk to upgrade existing attractions and develop new oceanariums, with an additional RM114.3 million for a group of existing shareholders.

The proceeds have been earmarked for working capital (RM14.5 million or 12.7%), IT system upgrades (RM3 million or 2.6%) and listing expenses (RM7 million or 6.1%). The rest will go towards the group’s expansion, including the construction of a new oceanarium in Kota Kinabalu, Sabah, and a new aquarium in Java, Indonesia.

The group of shareholders who would receive proceeds from the sale of existing shares include Aquawalk founder and executive chairman Datuk Simon Foong. Foong, who is the Malaysian franchise owner of The Body Shop and Burger & Lobster, has a majority stake of 68.4% in InNature Bhd (KL:INNATURE).

Upon listing, Aquawalk’s enlarged share base of 1.84 billion shares will give it a market valuation of RM571.3 million, making it one of the larger entrants into the ACE Market this year. Oriental Kopi Holdings Bhd (KL:KOPI) raised about RM184 million from its Jan 23 IPO by selling 418.1 million new shares at 44 sen each.

Aquawalk’s IPO received applications for 665.6 million shares for the 92.2 million shares made available to the Malaysian public, resulting in an overall oversubscription rate of about 6.2 times. The bumiputera portion was oversubscribed by 5.68 times, while the non-bumiputera portion drew even greater demand of 7.22 times.

Tradeview Research, which has the highest target price for the stock at 45 sen in a Nov 7 note, believes Aquawalk has a solid position in Malaysia’s large-scale exhibit industry because potential entrants face limited supply of prime locations, high initial capital investment and lengthy development timelines.

“Obligations [frequent dealings with relevant agencies in each country of operation] create high barriers to entry and help support Aquawalk’s leading visitor position if the company sustains its status. More importantly, Aquawalk exhibits positive operating leverage because operations carry high fixed costs such as depreciation on right of use assets and property, plant and equipment as well as facility costs, while variable costs per visitor such as rent are relatively low,” it said.

“As noted by management, each aquarium needs about 200,000 to 250,000 visitors annually to reach break-even. Any additional visitors beyond this threshold or ticket price hikes therefore contribute directly to profit expansion and margin improvement, showing scalability in the business model.”

Tourism is on the rebound across the region and visitor appetite for immersive, educational experiences remains strong, according to Foong, who established Aquaria KLCC in 2005. “We are leveraging our brand strength and operational expertise to expand beyond Malaysia and create new marine attractions that celebrate biodiversity while driving visitor numbers,” he says.

Before the IPO, Aquawalk was primarily controlled by Foong through various holding entities. Post-listing, he and related parties will continue to hold just over 50% of the enlarged share base, maintaining majority control while allowing for a wider institutional and retail investor spread.

Major shareholders include Feliz Natur (M) Sdn Bhd, Vestmap (M) Sdn Bhd and Versatrad Agencies Sdn Bhd (see table).

At 31 sen a share, Aquawalk is valued at about 15 to 18 times its forecast earnings. This is considered a premium to Bursa Malaysia’s consumer products and services sector’s average of 13 times. Analysts attribute this to the group’s strong asset base, including its flagship aquarium properties, as well as its growth in the regional tourism recovery story.

Investors will be watching how quickly the company can execute its new projects and monetise its expanded regional footprint. Aquawalk’s journey as a listed entity will test its ability to manage operations with high capital expenditure and sustain visitor traffic amid shifting tourism trends.

Market watchers believe Aquawalk’s debut could enliven a market that has seen few consumer-experience listings in recent years. With a strong visitor base and brand, and an eye on regional growth, the group’s entry into Bursa could be the prelude to a revival of Malaysia’s tourism investment landscape.

The listing is advised, sponsored and managed by M&A Securities Sdn Bhd, while CGS International Securities Malaysia Sdn Bhd is the joint underwriter and placement agent. 

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