KUALA LUMPUR: Adnex Group Bhd aims to raise RM18.1 million from its initial public offering (IPO) ahead of its listing on Bursa Malaysia Securities Bhd’s ACE Market on March 17, 2026.
The interior fit-out services provider said in a statement that RM6.4 million of its total proceeds will be utilised for its business expansion, including its corporate office and branch offices in other states in Malaysia, upgrade and enhancement of digital infrastructure and international market expansion.
It has earmarked RM3 million for performance bonds for existing and future interior fit-out projects, RM1.2 million to repay bank borrowings, RM3.9 million for working capital and RM3.6 million for listing expenses.
Adnex managing director Kan Wai Chun said the launch of the company's prospectus represents an important step to transition into a public listed company and enter a new phase of growth, accountability and opportunity.
"From a home-grown interior fit-out company into a professionally managed, regionally ambitious organisation, we have built up capabilities in executing interior fit-out works to serve a diverse client base.
"The IPO will provide us with the financial resources to further strengthen our project delivery capabilities, invest in advanced equipment and digital technologies, and expand our presence into East Malaysia and selected overseas markets," he said.
On listing, the company’s enlarged share capital will comprise 500 million shares with a market capitalisation of RM100.0 million, based on the IPO price of 20 sen per share.
Applications for the public issue portion open today and close on March 5, 2026.
Public Investment Bank Berhad is the principal adviser, sponsor, sole underwriter, and sole placement agent. - Bernama
