Case Study: Jawala Inc. achieves a strong IPO debut with Tricor Axcelasia

Preparing for an IPO in Singapore

Jawala Inc., an industrial tree plantation company listed on SGX and operating in Malaysia’s Sabah state, needed help preparing for its Catalist Board IPO as Malaysia’s first sustainable resource company. Tricor Group, through Tricor Axcelasia, provided pre-IPO governance, risk and compliance services, along with internal audit and sustainability reporting advisory.

Tricor Group implemented a full pre-IPO support program for Jawala Inc., including internal control assessments, enterprise risk management advisory, SOP development, and corporate governance guidance. The work helped close internal control gaps, strengthen compliance and governance, and support a successful market debut: the IPO was subscribed 18.5 times, 400,000 shares were offered to the public, and Jawala raised about S$3.2 million in net proceeds.

Jawala Inc.

Datuk Jema Khan

Executive Chairman & Chief Executive Officer