JRK Holdings Files for ACE Market IPO to Fund Expansion
Property developer JRK Holdings Bhd is seeking a listing on Bursa Malaysia’s ACE Market to raise funds primarily for working capital and future development activities.
According to its draft prospectus, the group will issue a total of 260 million new shares under the initial public offering (IPO). This comprises 48.16 million shares allocated to the Malaysian public, 9.63 million shares for eligible persons, 120.39 million shares reserved for Bumiputera investors, and 81.82 million shares for selected investors.
There will be no offer for sale of existing shares by current shareholders. The IPO price and indicative market capitalisation have not been disclosed.
Developer Focused on Klang Valley Projects
Incorporated in 2014, JRK is an urban property developer focusing on residential and commercial developments, mainly in the Klang Valley. The group is led by managing director Datuk Seri Kwan Aik Khai.
Since commencing operations, JRK has completed three development projects — JRK Senesta, JRK Convena and JRK Delta — with a combined gross development value (GDV) of RM337.62 million.
The group currently has one ongoing project, JRK Celestia, with a GDV of RM136.09 million. The development is expected to be completed by the end of 2028.
In addition, JRK has several ongoing and planned projects across Kuala Lumpur and Selangor, including developments in Petaling Jaya South, Puchong, Seri Kembangan, Setapak and Bukit Lanjan.
As at the latest practicable date, the group’s land bank stood at approximately 7.33 acres, comprising owned and controlled land earmarked for future developments.
Use of IPO Proceeds
According to the draft prospectus, proceeds from the IPO will be mainly used to fund working capital requirements for ongoing and planned projects. These include construction costs, marketing expenses, professional fees and statutory payments.
A portion of the proceeds will also be allocated for future land acquisitions and potential joint development arrangements. However, the group has not identified or committed to any specific acquisition targets at this stage.
Of the six ongoing and planned developments, three are joint development projects involving related-party landowners. These projects are JRK Delta Residence, JRK Equine and JRK Elysia.
Financial Performance
For the seven months ended July 31, 2025, JRK recorded a net profit of RM7.1 million, representing a 5.78% decline from RM7.54 million in the corresponding period a year earlier. Revenue during the period fell to RM49.59 million from RM83.48 million previously.
In contrast, the group posted a strong performance in financial year 2024, with net profit rising 67.7% to RM10.92 million, while revenue increased 80.7% to RM117.65 million.
Post-Listing Shareholding Structure
Following the IPO, Kwan’s shareholding will be diluted from 74.9% to 54.7%. Chief operating officer for project operations Lim Boon Kiong will see his stake reduced from 4.1% to 2.97%.
The private investment vehicle Mont Asset, owned by Kwan and Lim, will also have its shareholding diluted from 12.4% to 9.1%.
Kenanga Investment Bank Bhd is the principal adviser, sponsor, underwriter and placement agent for JRK’s proposed ACE Market listing.
