KUALA LUMPUR (Nov 11): Aquawalk Group Bhd, the operator of Aquaria KLCC, said investors put in orders for six times the number of shares available ahead of its listing on the ACE Market.
At close, the initial public offering (IPO) attracted applications totalling 665.6 million shares for the 92.2 million available for subscription, Aquawalk said in a statement. The Bumiputera portion was 5.68 times above the allocation, while the non-Bumiputera portion was oversubscribed by 6.77 times.
Shares set aside for eligible persons were also fully subscribed. Private placements of both new and existing shares were also fully taken up.
Notices of allotment will be posted to all successful applicants on Nov 18. The company is scheduled for listing on Nov 19.
“We are pleased and encouraged by the overwhelming response to our IPO, which reflects public confidence in Aquawalk and the exciting growth prospects we have ahead,” Aquawalk executive chairman Datuk Simon Foong said.
Aquawalk sought to raise nearly RM230 million from the IPO, priced at 31 sen per share. The IPO raised RM114.3 million for Aquawalk to upgrade existing attractions and develop new oceanariums, as well as another RM114.3 million for a group of current shareholders.
The company plans to use the funds raised from public issue of new shares to fund capital expenditures for upgrading and developing new attractions, enhancing its information technology systems, repaying borrowings, and supporting working capital needs.
The plans also include construction of a new oceanarium in Kota Kinabalu, Sabah, and a new aquarium in Java, Indonesia.
Proceeds from the sale of existing shares, meanwhile, went to a group of shareholders including Foong. A serial entrepreneur, Foong is also the Malaysian franchise owner of The Body Shop and Burger & Lobster. He also controls InNature Bhd (KL:INNATURE).
M&A Securities is the adviser, sponsor, and managing underwriter for the IPO, with CGS International Securities as a joint underwriter and joint placement agent.