KEB Berhad (“KEB” or the “Group”), an established property developer with in-house construction capabilities, focused on residential, industrial, commercial and mixed-use developments in Malaysia, is pleased to announce that the public portion of its initial public offering (“IPO”) has been fully subscribed ahead of its listing on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”) reflecting encouraging investor interest in the Group’s track record, active development pipeline and future growth prospects.
In summary, KEB’s IPO comprises 226.78 million ordinary shares, consisting of a public issue of 138.54 million new shares and an offer for sale of 88.24 million existing shares, structured as follows:
Public issue
- Malaysian public:
- 44.12 million shares or 5.00% of the enlarged issued share capital will be made available for application by the Malaysian public.
- Eligible persons:
- 22.06 million shares or 2.50% of the enlarged issued share capital, will be allocated to eligible directors, employees, and other persons who have contributed to the success of the Group.
- Private placement to identified Bumiputera investors approved by the Ministry of Investment, Trade and Industry (“MITI”):
- 22.06 million shares or 2.50% of the enlarged issued share capital are reserved for private placement to identified Bumiputera investors approved by MITI.
- Private placement to selected investors:
- 50.30 million shares or 5.70% of the enlarged issued share capital are reserved for private placement to selected investors.
Offer for sale
- Offer for sale of 88.24 million existing shares or 10.00% of the enlarged issued share capital by way of private placement to Bumiputera investors approved by MITI.
A total of 2,126 applications for 44,472,900 IPO Shares were received from the Malaysian public, has been fully subscribed. Specifically, a total of 1,071 applications for 27,314,100 IPO Shares were received for the Bumiputera portion, while 1,055 applications for 17,158,800 IPO Shares were received for the other Malaysian public portion, reflecting encouraging investor interest in the Group’s IPO.
Commenting on the response, Datuk Lim Kim Chong, Managing Director of KEB Berhad, said, “We are encouraged by the positive response to our IPO, which reflects investor confidence in KEB’s business fundamentals, track record and future prospects. This support is meaningful to us as we prepare for our ACE Market debut and embark on the next phase of our growth journey. With our ongoing developments, future pipeline and landbank, we believe KEB is well positioned to continue building on the foundation we have established over the past two decades.”
KEB has completed 14 property development projects to date. Its current pipeline comprises 4 ongoing developments with an estimated total gross development value (“GDV”) of approximately RM1.36 billion, alongside 2 future projects with an estimated total GDV of approximately RM382.73 million. Collectively, these 6 projects represent an estimated GDV of approximately RM1.74 billion. The Group also has a landbank of approximately 60.01 acres, including one joint venture arrangement with landowners, to support its future development plans.
Datuk Bill Tan, Managing Director of M & A Equity Holdings Berhad, said, “The encouraging response to KEB’s IPO reflects positive investor reception towards the Group’s established track record, visible development pipeline and future growth plans. With more than two decades of experience in property development, supported by ongoing projects, future launches and available landbank, KEB presents a compelling growth story as it prepares for its ACE Market debut.”
Datuk Kelvin Khoo, Group Chief Executive Officer of Eco Asia Capital Advisory Sdn. Bhd., added, “The oversubscription of KEB’s IPO underscores investor confidence in the Group’s business fundamentals and expansion prospects. Backed by a combination of completed projects, ongoing developments and landbank for future launches, KEB is entering the market with a clear strategy to strengthen its position in the domestic property development sector.”
The IPO proceeds to be raised from the public issue are intended to be utilised for acquisition of landbank for development, working capital for project development, repayment of bank borrowings, and defraying listing expenses. The Group believes these proceeds will strengthen its financial position and support the execution of its medium-term growth strategy.
KEB Berhad is scheduled to be listed on the ACE Market of Bursa Securities on 16 November 2026.
M & A Securities Sdn. Bhd. is the Principal Adviser, Sponsor, Sole Placement Agent and Sole Underwriter for this IPO, while Eco Asia Capital Advisory Sdn. Bhd. serves as the Financial Adviser of the IPO.
