“JRK Holdings plans an ACE Market IPO to raise funds for working capital and expansion, with projects across Klang Valley and a land bank of 7.33 acres.”
Kuala Lumpur, 20th January 2026, 10.05am – Property developer JRK Holdings Bhd has filed for a listing on Bursa Malaysia’s ACE Market, aiming to raise funds to support working capital needs and future growth initiatives.
According to its draft prospectus, the proposed initial public offering (IPO) will involve the issuance of 260 million new shares. These comprise 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 offered to selected investors. The listing does not include any offer for sale of existing shares by current shareholders.
The IPO price and the company’s indicative market capitalisation have yet to be announced.
Established in 2014, JRK Holdings focuses on urban residential and commercial developments, primarily within the Klang Valley. The group is led by managing director Datuk Seri Kwan Aik Khai.
To date, JRK has completed three development projects — JRK Senesta, JRK Convena and JRK Delta — with a combined gross development value (GDV) of RM337.62 million. It currently has one active project, JRK Celestia, with a GDV of RM136.09 million, which is scheduled for completion by the end of 2028.
The group also has several ongoing and planned developments across Kuala Lumpur and Selangor, including sites in Petaling Jaya South, Puchong, Seri Kembangan, Setapak and Bukit Lanjan. As at the latest practicable date, JRK’s land bank totals approximately 7.33 acres, comprising both owned and controlled land earmarked for future projects.
Proceeds from the IPO are expected to be primarily used for working capital to support ongoing and upcoming developments, covering construction costs, marketing expenses, professional fees and statutory payments. A portion of the funds will also be set aside for potential land acquisitions and joint development opportunities, although no specific projects have been identified at this stage.
Of the group’s six ongoing and planned developments, three are joint development projects with related-party landowners, namely JRK Delta Residence, JRK Equine and JRK Elysia.
From January to July 31, 2025, JRK recorded a net profit of RM7.1 million, down 5.78% from RM7.54 million in the corresponding period a year earlier. Revenue during the seven-month period declined to RM49.59 million from RM83.48 million previously.
For the financial year ended 2024, however, the group posted stronger results, with net profit rising 67.7% year-on-year to RM10.92 million and revenue increasing 80.7% to RM117.65 million.
Following the IPO, Kwan’s shareholding will be diluted to 54.7% from 74.9%. Chief operating officer Lim Boon Kiong’s stake will fall to 2.97% from 4.1%, while their private investment vehicle, Mont Asset, will see its stake reduced to 9.1% from 12.4%.
Kenanga Investment Bank Bhd has been appointed as principal adviser, sponsor, underwriter and placement agent for the proposed listing.
