KEB prices ACE Market IPO at 35 sen, targeting RM79.37 million
The developer will receive RM48.49 million, while existing shareholders will get RM30.88 million through a share sale.
Property developer KEB Bhd has set a 35 sen offer price for its ACE Market IPO, which will raise RM79.37 million. Its prospectus puts the company's share of the proceeds at RM48.49 million, with RM30.88 million going to selling shareholders Datuk KC Lim and his son Vinson Lim.
Investors have until Nov 2 to apply for the IPO. KEB is scheduled to list on Nov 16, when its market capitalisation will be RM308.83 million.
Of the funds KEB receives, RM19 million is earmarked for buying land. Another RM14.89 million will fund working capital for property development, while RM8.5 million will repay bank borrowings. Listing costs will account for the remaining RM6.1 million.
Based in Cheras, KEB focuses on affordable to medium-priced developments, mainly in Malaysia's central region. Its portfolio spans residential, industrial, commercial and mixed-use properties. Two residential projects under development have a combined gross development value of RM773 million.
The developer also has four future projects worth RM941 million and a land bank of nearly 30 acres. It reported FY2025 net profit of RM51.61 million.
Managing director Datuk KC Lim will hold 52.2% after the IPO, while executive director Vinson Lim will retain 15.4%. M&A Securities Sdn Bhd is handling the IPO as principal adviser, sponsor, underwriter and placement agent. Eco Asia Capital Advisory Sdn Bhd serves as financial adviser.
