Adnex Group Bhd rises 25 per cent in maiden trade on ACE Market debut

Malaysia-based interior fit-out firm Adnex Group Bhd rose 25 per cent in its maiden trade on the ACE Market as the company completed its initial public offering, The Edge Malaysia reported.

Shares of Adnex opened at 25 sen (€0.055) versus its initial public offering price of 20 sen (€0.044) per share. Intraday trade saw a high of 27.5 sen (€0.061) and a low of 22.5 sen (€0.050) before closing at 25 sen after 89 million shares changed hands. The company's market value stood at RM125 million (€27.7 million) based on the last price.

The company raised RM18.1 million (€4 million) from the initial public offering's public issue of new shares whilst managing director Adrian Kan Wai Chun and his elder brother Kan Wai Peng obtained RM7.9 million (€1.7 million) from an offer for sale of their existing shares in Adnex.

Adnex has earmarked RM6.4 million (€1.4 million) to expand its corporate office network to Penang, Johor and Sabah, alongside plans to enter regional markets including Indonesia and the Philippines. The company will channel part of the proceeds into upgrading and enhancing its digital infrastructure to support the expansion.

Additionally, RM3 million (€664,000) has been allocated for performance bonds related to existing and future projects, whilst RM1.2 million (€265,000) will be used to repay bank borrowings. The group has set aside RM3.9 million (€863,000) for working capital and RM3.6 million (€796,000) to defray listing expenses.

Adnex, founded by the Kan brothers, provides interior fit-out services focusing mainly on commercial and industrial properties including corporate offices, food and beverage outlets, sales galleries and financial institutions.

The debut comes at a time when investors remain cautious over geopolitical tensions in the Middle East and renewed concerns over global trade amid US tariff uncertainties.

Public Investment Bank served as principal adviser, sponsor, sole underwriter and sole placement agent for the initial public offering.

Explore the complete article on Adnex Group Bhd's ACE Market debut and trading performance.