KUALA LUMPUR: Adnex Group Bhd’s public portion of its initial public offering (IPO) was oversubscribed by 3.23 times ahead of its listing on the ACE Market of Bursa Malaysia on March 17, 2026.
The interior fit-out services provider received a total of 3,362 applications for 105.85 million issue shares from the Malaysian public, representing an overall oversubscription rate of 3.23 times.
Under the Bumiputera portion, Adnex received 1,237 applications for 19.87 million shares, translating to an oversubscription rate of 0.59 times.
Meanwhile, the other Malaysian public portion attracted 2,125 applications for 85.98 million shares, representing an oversubscription rate of 5.88 times.
Adnex managing director Kan Wai Chun said the positive reception of the company’s IPO reflects recognition of its long-standing reputation for quality craftsmanship, project delivery excellence and consistent growth.
“The IPO proceeds will enable us to strengthen our operational capacity, upgrade and enhance our digital infrastructure, and expand our footprint into East Malaysia and selected overseas markets as we continue to deliver value to our clients and shareholders,” he added.
Meanwhile, Public Investment Bank Bhd chief executive officer Lee Yo-Hunn said Adnex’s IPO oversubscription, despite global market uncertainties, reflects investor confidence in the company’s track record and the growth prospects of Malaysia’s interior fit-out industry.
“With more than two decades of experience, a solid portfolio of corporate clients and a scalable business model, Adnex is well-positioned to capture opportunities arising from the continued expansion of commercial and corporate spaces in Malaysia.
“We are pleased to support Adnex in this important milestone and look forward to its upcoming debut on the ACE Market.”
Public Investment Bank is the principal adviser, sponsor, sole underwriter, and sole placement agent for this IPO.
