KUALA LUMPUR, 7 January 2026 — Adnex Group Berhad, a Malaysia-based interior fit-out specialist with more than two decades of operating history, has taken a key step toward its public listing after signing an underwriting agreement with Public Investment Bank Berhad in conjunction with its upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia.
The agreement formalises Public Investment Bank’s role as underwriter for Adnex’s IPO, which is part of the company’s broader plan to strengthen its capital base and accelerate growth following its expected listing on the ACE Market.
Two Decades Of Interior Fit-Out Expertise
Operating primarily through its principal subsidiary, Adnex Interior Solution Sdn Bhd, the Group has built a strong reputation over more than 20 years for delivering comprehensive interior fit-out solutions. Its services span corporate offices, food and beverage outlets, and property sales galleries, covering the full execution process from design actualisation to project delivery.
Adnex’s client base includes a wide mix of local corporations and multinational companies, positioning the Group as a trusted execution partner in Malaysia’s commercial and industrial development space.
IPO Structure And Share Allocation
Under the proposed IPO, Adnex will undertake a public issue of 90.50 million new ordinary shares, alongside an offer for sale of 39.50 million existing shares, representing a structured approach to broadening shareholder participation while providing liquidity for existing shareholders.
The public issue will be allocated as follows:
- Malaysian public:
25.00 million shares, representing 5.00% of the enlarged issued share capital. - Eligible persons:
15.00 million shares, or 3.00%, set aside for directors, employees and contributors to the Group’s success. - Private placement to selected investors:
27.50 million shares, or 5.50% of the enlarged share capital. - Private placement to Bumiputera investors:
23.00 million shares, or 4.60%, reserved for Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI).
In addition, the offer for sale involves 39.50 million existing shares, or 7.90% of the enlarged issued share capital, by way of private placement to Bumiputera investors approved by MITI.
Under the underwriting agreement, Public Investment Bank will underwrite 40.00 million shares, comprising those offered to the Malaysian public and the allocation to eligible persons.
Strategic Growth Plans Post-Listing
Commenting on the milestone, Adnex Managing Director Kan Wai Chun said the underwriting agreement represents a significant step in the Group’s transition into a listed entity.
“The signing of this underwriting agreement marks another major milestone in our journey towards becoming a public-listed company,” he said. “Over the past two decades, Adnex has grown into a trusted name in the interior fit-out industry by consistently delivering high-quality workmanship, sustainable solutions, timely completion and strong client focus.”
He added that the IPO will provide the financial foundation to expand operations into East Malaysia and selected overseas markets, while also enabling investments in technology and equipment upgrades to enhance operational efficiency and competitiveness.
Public Investment Bank chief executive officer Lee Yo-Hunn said the bank views Adnex as a well-positioned player within Malaysia’s interior fit-out segment.
“Adnex has demonstrated solid fundamentals and operational expertise, supported by an experienced management team and a proven project portfolio,” he said. “Public Investment Bank is proud to support Adnex’s IPO and its debut on the ACE Market.”
Regulatory Milestone Achieved
Adnex received approval from Bursa Securities for its ACE Market listing on 25 September 2025, marking a critical regulatory milestone in the Group’s corporate development.
The forthcoming listing is expected to strengthen Adnex’s capital structure, expand operational capacity and support the delivery of sustainable long-term value to shareholders as the company enters its next growth phase.
