Adnex Group Berhad (“Adnex” or the “Group”) which is primarily involved in the provision of interior fit-out services, made its debut today on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”).
The Group’s shares opened at RM0.25 per share, representing a 25% premium over its initial public offering (“IPO”) price of RM0.20 per share, reflecting strong investor confidence in Adnex’s operational track record, established client base, and clear roadmap for sustainable growth.
Adnex Group Berhad is listed under the stock name “ADNEX” with the stock code “0396”.
With a heritage of more than two decades through its principal subsidiary Adnex Interior Solution Sdn. Bhd., the Group has grown into a trusted name in Malaysia’s interior fit-out industry. Adnex provides comprehensive interior fit-out solutions including design realisation, project management, and turnkey delivery for corporate offices, F&B outlets, sales galleries, and commercial spaces.
The Group’s reputation for quality workmanship, punctual delivery, and design precision has enabled it to serve both local and multinational corporations across Malaysia.
Through its IPO, Adnex raised RM18.10 million via the issuance of 90.50 million new shares at RM0.20 per share, while an additional 39.50 million existing shares were offered for sale to selected Bumiputera investors approved by the Ministry of Investment, Trade and Industry, Malaysia (“MITI”).
The proceeds from the Public Issue will be utilised as follows:
- RM6.40 millionfor business expansion, including expansion of corporate office and establishment of branch offices in other states in Malaysia, upgrade and enhancement of digital infrastructure, as well as expansion into international markets;
- RM3.00 millionfor performance bonds for existing and future interior fit-out projects;
- RM1.20 millionfor repayment of bank borrowings;
- RM3.90 millionfor working capital requirements; and
- RM3.60 millionfor estimated listing expenses.
Mr. Kan Wai Chun, Managing Director of Adnex Group Berhad commented,
“Today’s listing is a proud milestone for all of us at Adnex, and it signifies not the end of our journey, but the start of an exciting new chapter as a public listed company. The proceeds raised from our IPO will support the next phase of Adnex’s development by strengthening our working capital, supporting ongoing and future projects, and enhancing operational capabilities.
We have also laid the groundwork for future expansion into East Malaysia and selected overseas markets. As we embark on this new journey, the Board and management remain fully committed to strengthening Adnex’s position as a reliable interior fit-out services provider while delivering sustainable long-term value to our shareholders and stakeholders.”
Public Investment Bank Berhad is the Principal Adviser, Sponsor, Sole Underwriter, and Sole Placement Agent for this IPO.
