KUALA LUMPUR: Interior fit-out specialist Adnex Group Bhd made a firm debut on the ACE Market of Bursa Malaysia today, opening 25% above its IPO price, as the group signalled confidence in sustaining growth backed by a healthy order pipeline and expansion plans.
The counter opened at 25 sen against its issue price of 20 sen, reflecting positive investor sentiment towards the company’s execution track record and positioning in the commercial fit-out segment.
The counter closed at 25 sen also, on volume of 89 million shares.
Managing director Kan Wai Chun described the listing as a turning point for the group, marking its transition from a long-established private outfit into a publicly traded company with broader growth ambitions.
“From a small company more than 30 years ago, we’ve become a listed company today. This is not the finish line, but the beginning,” he said at a press conference following the listing ceremony.
Despite the strong debut, Kan emphasised that the group’s priority remains operational delivery rather than short-term share price movements.
“Our focus now is to continue executing our projects well. In the long run, the market will reflect the true value of our company,” he said.
Adnex raised RM18.1 million from its initial public offering, with proceeds earmarked primarily for business expansion, working capital and project-related commitments such as performance bonds.
The group is targeting geographical expansion into East Malaysia by the end of the year, while laying the groundwork for selective overseas ventures. However, it indicated that it will approach international expansion cautiously, with timelines dependent on market readiness.
Growth visibility appears supported by a solid order book. As of January 2026, Adnex reported an outstanding order book of RM66 million, alongside a tender book of about RM130 million, with a historical success rate exceeding 50%.
This pipeline, management said, underpins confidence in delivering strong growth momentum for the current financial year, with expectations that performance could potentially more than double.
Adnex’s revenue surged to RM94 million in the financial year ended 2025, a RM44 million increase from the previous year, driven largely by higher project execution and the group’s ability to undertake larger and more complex jobs.
The company operates on a project-based model, primarily serving corporate offices, multinational companies and commercial clients. While not strictly recurring, repeat business remains a key feature, with management estimating that 30% to 50% of projects come from returning clients.
On industry trends, Adnex remains upbeat on demand despite evolving workplace dynamics and macroeconomic uncertainty.
“The demand from the market is still strong,” Kan said, pointing to the group’s current order book as evidence of sustained activity in the sector.
The group also highlighted its execution capabilities and experienced team as key differentiators in a competitive industry often characterised by pricing pressure.
“Execution capability and track record are what set us apart. With our experienced team, we are able to consistently deliver quality,” Kan said.
Addressing cost pressures, particularly from fluctuating material and labour costs, management said it maintains close coordination with suppliers and subcontractors to manage pricing and ensure quality control.
Adnex relies on a network of over 1,000 contractors and suppliers, which it said helps mitigate supply chain risks and provides flexibility in project execution.
On external risks, including geopolitical developments and rising energy prices, the group said there has been no significant immediate impact on operations. However, it acknowledged that prolonged increases in fuel costs could affect logistics expenses over time.
At the same time, the group sees potential upside from shifting global investment flows, particularly into Southeast Asia, which could support demand for commercial and corporate fit-out projects.
As it begins its journey as a listed entity, Adnex is positioning itself to capitalise on these trends, balancing expansion with operational discipline.
“We are confident in delivering sustainable growth,” Kan said.
