PETALING JAYA: Aquawalk Group Bhd
, the operator of Aquaria KLCC, ended its first trading day on Bursa Malaysia about 22% higher than its initial public offering (IPO) price.
Despite a sluggish start when the stock fell below its IPO price, it managed to reverse the decline and closed at 38 sen, bringing its market capitalisation to RM700mil.
The IPO price was 31 sen.
The public portion of Aquawalk’s IPO was oversubscribed by 6.22 times, with bumiputra applications exceeding their allocation by 5.68 times and the non-bumiputra portion by 6.77 times.
Bernama quoted Aquawalk group executive chairman Datuk Simon Foong as saying that the group currently had no comparable listed peer 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 allowed 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.
