Malaysia's KEB prices ACE Market IPO to raise $11.9M for the company
What's the deal? Malaysian property developer KEBDealroom has a profile for this one. Try Dealroom → Bhd has priced its initial public offering at 35 sen per share, ahead of a listing on Bursa MalaysiaDealroom has a profile for this one. Try Dealroom →'s ACE Market on November 16. The company will raise US$11.6M, while existing shareholders will collect US$7.38M through a share sale, taking the total offering to US$19M.
Where the money goes: KEB plans to use US$4.54M for land acquisition, US$3.56M for property-development working capital, and US$2.03M for bank loan repayments. The remaining US$1.46M covers listing expenses.
Why now? The Cheras-based developer is building its funding pipeline for expansion. It is currently working on two residential projects with a combined gross development value of US$184.8M, with four future projects worth US$225M and a land bank of nearly 30 acres.
The financials: KEB posted net profit of US$12.3M for the financial year ended December 31, 2025. At its expected market capitalisation of US$73.9M, the listing values the company at roughly six times those earnings.
Who stays in control: After the IPO, managing director Datuk KC Lim will keep a 52.2% stake, and his son, executive director Vinson Lim, will hold 15.4%. The two are also the sellers behind the US$7.38M share sale, preserving family control.
The signal: KEB's listing shows Malaysia's ACE Market remaining a route for mid-sized property developers to raise growth capital while founding families keep the controlling hand.
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