AQUAWALK
ACE
Shariah
MITI
Key figures
- IPO price
- RM 0.31
- Day 1 open
- RM 0.30
- Day 1 close
- RM 0.38
- Current price
- RM 0.35
- Day 1 open %
- -3.2%
- Day 1 close %
- +22.6%
- Since listing
- +12.9%
- Oversubscription
- 6.22x
- Market cap
- RM 571.3 M
- Offer size
- 737.2 M
- Enlarged shares
- 1843 M
- Float
- 40%
Four recorded prices. Spacing between points is not a time scale; the dashed line is the IPO price.
Offer structure
| Tranche | Shares | % of offer |
|---|---|---|
| Malaysian public (balloting) | 92.15 M | 12.5% |
| Bumiputera / MITI | 230.38 M | 31.3% |
| Private placement | 409.989 M | 55.6% |
| New shares issued | 368.6 M | 50.0% |
| Offer for sale | 368.6 M | 50.0% |
Use of proceeds (from the prospectus)
| Item | RM'000 | % |
|---|---|---|
| Capital expenditure | 89,772 | 78.6% |
| IT systems improvements | 3,000 | 2.6% |
| Working capital | 14,494 | 12.7% |
| Estimated listing expenses | 7,000 | 6.1% |
Source: company prospectus, PDF page 50.
Financials (from the prospectus)
| FY | Revenue (RM'000) | PATAMI (RM'000) | Margin | EPS (sen) |
|---|---|---|---|---|
| FY2021 | 24,746 | |||
| FY2022 | 71,898 | 25,537 | 35.52% | 1.40 |
| FY2023 | 95,812 | 33,833 | 35.31% | 1.80 |
| FY2024 | 104,299 | 45,624 | 43.74% | 2.50 |
Latest-FY revenue growth: +8.86%. PE at the IPO price: 12.40. Source: company prospectus (verified excerpts), PDF page 1, 2.
Board context: ACE
Across 217 ACE IPOs in the database: median day-1 close +13.5% (P25 +0.0%, P75 +45.7%), median since-listing -8.0%. 71.0% closed day 1 above their IPO price.
This IPO's day-1 close of +22.6% sits at P60 of its board · This IPO's since-listing of +12.9% sits at P60 of its board
Board peers: ACE
| Symbol | Listed | IPO price | Day 1 close | Since listing | Market cap |
|---|---|---|---|---|---|
| ELRIDGE | 22 Aug 2024 | RM 0.29 | +37.9% | +244.8% | RM 580.0 M |
| CBHB | 16 Jan 2025 | RM 0.28 | +19.6% | +50.0% | RM 526.6 M |
| SAG | 05 Jun 2025 | RM 0.62 | +12.9% | +32.3% | RM 620.0 M |
| UNITRAD [NS] | 14 Jun 2022 | RM 0.32 | -6.2% | -25.0% | RM 500.0 M |
| GTA | 08 Sep 2026 | RM 0.35 | -4.3% | -28.6% | RM 452.0 M |
| GDGROUP | 16 Apr 2026 | RM 0.45 | -11.1% | -15.6% | RM 450.0 M |
| LSH | 21 Mar 2025 | RM 0.88 | -5.7% | +111.4% | RM 737.8 M |
| NATGATE | 12 Jan 2023 | RM 0.38 | +163.2% | +154.0% | RM 788.1 M |
Audit
No audit published for this IPO.