KEB Bhd aims to raise RM48.5m from IPO for land and development
Property developer KEB Bhd plans to raise RM48.49 million from its initial public offering on Bursa Malaysia's ACE Market, with the bulk of proceeds going to land acquisitions and its Residensi Jentayu mixed-use project. The group has priced its shares at 35 sen each ahead of a tentative Nov 16 list
Property developer KEB Bhd aims to raise RM48.49 million in gross proceeds from its initial public offering (IPO), mainly to buy land and fund property development. The group has priced its shares at 35 sen apiece ahead of its tentative listing on Bursa Malaysia’s ACE Market on Nov 16, according to its prospectus and IPO timetable filed with Bursa Malaysia on Oct 23.
Land acquisitions will take the largest share of the proceeds at RM19 million. Another RM14.89 million will support Residensi Jentayu, a mixed-use development with an estimated gross development value (GDV) of RM429.42 million. KEB will also allocate RM8.5 million to repay bank borrowings and RM6.1 million for estimated listing expenses.
For its next land purchases, the group is looking to the Klang Valley, Negeri Sembilan and Melaka, prioritising sites near its existing holdings. As at Sept 25, the prospectus’s latest practicable date, it had not committed to any acquisitions using the IPO proceeds.
At Residensi Jentayu, the funds will help pay for construction, infrastructure and payments to local authorities. The project comprises 1,114 serviced apartments, 280 affordable serviced apartments and 10 two-storey retail lots. KEB targets a launch in the first quarter of 2027, subject to obtaining its advertising permit and developer’s licence.
The Cheras-based group develops residential, industrial, commercial and mixed-use properties, catering to the affordable to mid-market segments. As at Sept 25, its portfolio comprised four ongoing projects with an estimated combined GDV of RM1.36 billion and two future projects worth approximately RM382.73 million. Residensi Palma Elit and Residensi Cove are scheduled for completion in 2028. The other two ongoing projects, Residensi Jentayu and Residensi Embun Palma, had yet to be launched at the reference date. Embun Palma is targeted for launch in the fourth quarter of 2026, also subject to obtaining its advertising permit and developer’s licence.
As at Sept 25, KEB’s landbank held for development totalled approximately 60.01 acres, including land under a joint venture arrangement with landowners and 16.09 acres for which acquisitions remained pending completion. The IPO comprises a public issue of 138.535 million new shares and an offer for sale of 88.239 million existing shares. The public issue will raise RM48.49 million in gross proceeds for KEB, while the offer for sale will generate a separate RM30.88 million in gross proceeds for managing director Datuk KC Lim and executive director Vinson Lim.
At the IPO price, KEB would have a market capitalisation of approximately RM308.83 million upon listing. The group recorded net profit of RM51.61 million on revenue of RM359.27 million for the financial year ended Dec 31, 2025, on an audited combined basis. KC Lim and Vinson will retain stakes of 52.2 per cent and 15.4 per cent, respectively, after the IPO.
