ADNEX Adnex Group
Key figures
- IPO price
- RM 0.20
- Day 1 open
- RM 0.25
- Day 1 close
- RM 0.25
- Current price
- RM 0.45
- Day 1 open %
- +25.0%
- Day 1 close %
- +25.0%
- Since listing
- +125.0%
- Oversubscription
- 3.23x
- Market cap
- RM 100.0 M
- Offer size
- 130 M
- Enlarged shares
- 500 M
- Float
- 26%
Four recorded prices. Spacing between points is not a time scale; the dashed line is the IPO price.
Offer structure
| Tranche | Shares | % of offer |
|---|---|---|
| Malaysian public (balloting) | 25 M | 19.2% |
| Bumiputera / MITI | 62.5 M | 48.1% |
| Private placement | 27.5 M | 21.2% |
| New shares issued | 90.5 M | 69.6% |
| Offer for sale | 39.5 M | 30.4% |
Business profile (from the prospectus)
Prospectus excerpt shown in the document's original language.
We are an investment holding company. Through our Subsidiaries, we are principally involved in the provision of interior fit-out services. Interior fit-out services typically involve the process of actualisation of designs in the interior space. We specialise in providing interior fit -out services for commercial and industrial properties mainly for use as corporate offices, F&B outlets and sales galleries.
Source: company prospectus, PDF page 135.
Use of proceeds (from the prospectus)
| Item | RM'000 | % |
|---|---|---|
| Business expansion | 6,400 | 35.4% |
| Performance bonds for interior fit-out projects | 3,000 | 16.6% |
| Repayment of bank borrowings | 1,200 | 6.6% |
| Working capital | 3,900 | 21.6% |
| Estimated listing expenses | 3,600 | 19.9% |
Source: company prospectus, PDF page 39.
Financials (from the prospectus)
| FY | Revenue (RM'000) | PATAMI (RM'000) | Margin | EPS (sen) |
|---|---|---|---|---|
| FPE2025 | 67,121 | 6,476 | 9.65% | 1.30 |
| FYE2022 | 30,912 | 3,422 | 11.07% | 0.68 |
| FYE2023 | 46,629 | 5,029 | 10.79% | 1.01 |
| FYE2024 | 50,226 | 6,391 | 12.72% | 1.28 |
Latest-FY revenue growth: +7.71%. PE at the IPO price: 15.62. Source: company prospectus (verified excerpts), PDF page 207, 208.
Board context: ACE
Across 217 ACE IPOs in the database: median day-1 close +13.5% (P25 +0.0%, P75 +45.7%), median since-listing -8.0%. 71.0% closed day 1 above their IPO price.
This IPO's day-1 close of +25.0% sits at P61 of its board · This IPO's since-listing of +125.0% sits at P86 of its board
Board peers: ACE
| Symbol | Listed | IPO price | Day 1 close | Since listing | Market cap |
|---|---|---|---|---|---|
| TECHSTORE | 18 Feb 2025 | RM 0.20 | +10.0% | +42.5% | RM 100.0 M |
| RAMSSOL | 13 Jul 2021 | RM 0.45 | +13.3% | +122.0% | RM 100.4 M |
| JSSOLAR | 23 Sep 2025 | RM 0.31 | +29.0% | -12.9% | RM 100.8 M |
| SAMAIDEN | 15 Oct 2020 | RM 0.48 | +67.7% | +409.4% | RM 100.8 M |
| HKB | 09 Jun 2025 | RM 0.16 | -9.4% | -3.1% | RM 99.2 M |
| TRIMODE | 14 May 2018 | RM 0.61 | -13.9% | -72.1% | RM 101.3 M |
| KGW | 01 Aug 2023 | RM 0.21 | +9.5% | -14.3% | RM 101.4 M |
| AGRICOR | 21 Jun 2024 | RM 0.50 | +75.0% | -12.0% | RM 101.4 M |
Audit
No audit published for this IPO.