KUALA LUMPUR (Oct 23): Property developer KEB Bhd has priced its shares at 35 sen apiece for its ACE Market listing.
The initial public offering (IPO) will raise RM79.37 million, of which RM48.49 million will go to the company, according to its prospectus unveiled on Friday. The remaining RM30.88 million will go to existing shareholders Datuk KC Lim and his son Vinson Lim from an offer for sale of their shares.
Applications for the IPO will close on Nov 2, and listing is scheduled for Nov 16.
KEB develops residential, industrial, commercial and mixed-use properties, mainly in the central region of Malaysia, focusing on affordable to medium-priced properties.
The Cheras-based company is currently developing two residential projects with a combined gross development value of RM773 million. KEB also has four future projects valued at RM941 million and nearly 30 acres of land bank.
KEB is allocating RM19 million from the IPO proceeds for land acquisitions, RM14.89 million for property development working capital and RM8.5 million for repayment of bank borrowings. The remaining RM6.1 million will cover listing expenses.
Upon listing, KEB will have a market capitalisation of RM308.83 million, valuing the company at about six times its earnings for the financial year ended Dec 31, 2025 (FY2025). Net profit reported was RM51.61 million for FY2025.
Lim, the managing director, will retain a 52.2% stake while his son, an executive director of KEB, will hold 15.4% post-IPO.
M&A Securities Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO, while Eco Asia Capital Advisory Sdn Bhd is the financial adviser.