KUALA LUMPUR: Adnex Group Bhd has opened at 25 sen per share in its ACE Market debut, representing a 25% premium over its initial public offering (IPO) price of 20 sen per share.
A total of 8.64 million shares were traded at the opening bell. At 5pm, Adnex closed five sen up to 25 sen, with 89 million shares traded. Adnex, primarily involved in the provision of interior fit-out services, said the strong showing reflects investor confidence in the group’s operational track record, client base, and clear roadmap for sustainable growth.
Managing director Kan Wai Chun said in a statement that the proceeds raised will support its next phase of development by strengthening working capital, supporting ongoing and future projects, and enhancing operational capabilities.
“We have also laid the groundwork for future expansion into Sabah and Sarawak and selected overseas markets.
“As we embark on this new journey, we are committed to strengthening Adnex’s position as a reliable interior fit-out services provider while delivering sustainable long-term value to shareholders and stakeholders,” the statement said.
In a virtual press conference yesterday, Kan said the group plans to expand its presence in the northern and southern regions, particularly in Penang and Johor Baru, and into Sabah and Sarawak by the end of the year.
It will, at the same time, lay the groundwork for expansion into overseas markets.
It has an unbilled order book of RM66mil as at end-January 2026 and is optimistic to achieve double-digit growth this year, the statement said.
On the US-Iran war, he said the conflict has not had any major impact on the interior fit-out industry so far. He added that if petrol prices go up over the long term, material costs and logistics may rise.
“The majority of our materials are from Malaysia and China. We may also see more investors shifting their investments to South-East Asia,” he said.
Adnex raised RM18.1mil from the IPO via the issuance of 90.5 million new shares at RM0.20 per share.
An additional 39.5 million existing shares were offered for sale to selected bumiputera investors approved by the Investment, Trade and Industry Ministry.
According to the statement, the proceeds will be utilised for business expansion (RM6.4mil), performance bonds for existing and future interior fit-out projects (RM3mil), repayment of bank borrowings (RM1.2mil), working capital requirements (RM3.9mil), and estimated listing expenses (RM3.6mil).
Public Investment Bank Bhd is the principal adviser, sponsor, sole underwriter, and sole placement agent for the IPO. — Bernama
