Kuala Lumpur, 26 February 2026 – Adnex Group Berhad (“Adnex” or the “Company”), a provider of interior fit-out solutions, has officially launched its Prospectus in conjunction with its proposed listing on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”).
With over two decades of industry heritage through its principal subsidiary, Adnex Interior Solution Sdn. Bhd., the Group has grown into a full-service interior fit-out specialist focusing on design realisation, project management and turnkey solutions for corporate offices, food and beverage (F&B) outlets and sales galleries. Its clientele includes both local and multinational corporations, reflecting its reputation for quality craftsmanship and disciplined execution.
IPO to Raise RM18.10 Million
Adnex aims to raise RM18.10 million via the public issue of 90.50 million new shares at an issue price of RM0.20 per share.
The proceeds will be utilised as follows:
- RM6.40 million for business expansion, including expansion of its corporate office, digital infrastructure upgrades, and the establishment of new branch offices;
- RM3.00 million for performance bonds to support existing and future interior fit-out projects;
- RM1.20 million for repayment of bank borrowings;
- RM3.90 million for working capital; and
- RM3.60 million for estimated listing expenses.
Upon listing, Adnex is expected to have a market capitalisation of RM100.00 million, based on an enlarged issued share capital of 500 million shares.
Applications for the Public Issue open on 26 February 2026 and will close on 5 March 2026, with listing scheduled for 17 March 2026 on the ACE Market.
Public Investment Bank Berhad is acting as the Principal Adviser, Sponsor, Sole Underwriter and Sole Placement Agent for the IPO.
Branch Expansion to Support Growth Markets
A significant portion of the expansion funding will be allocated toward setting up branch offices in Johor, Penang and Sabah, as well as extending the Group’s footprint internationally into Manila and Jakarta.
These locations have been identified as strategic growth markets and are projected to contribute approximately 30% of the Group’s revenue moving forward. The branch network is intended to enhance on-ground project management support, strengthen client servicing capabilities and capture opportunities in high-growth commercial hubs.
Managing Director Kan Wai Chun said the IPO marks a pivotal step in Adnex’s transition into a publicly listed company.
“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.
He added that establishing branches in key domestic and regional markets will allow Adnex to support clients more effectively while positioning the Group to tap into cross-border opportunities.
Industry Growth Outlook
According to an Independent Market Research Report by Providence Strategic Partners Sdn. Bhd., Malaysia’s interior fit-out industry is projected to reach RM2.7 billion by 2027, recording a compound annual growth rate (CAGR) of 8.3% between 2025 and 2027.
Growth is expected to be supported by expanding commercial and industrial property developments, sustained end-user demand and increasing domestic and foreign investment activity.
With strengthened capital resources and a broadened geographic footprint post-listing, Adnex is positioning itself to scale operations while maintaining its focus on quality execution and sustainable value creation.
