KUALA LUMPUR (Jan 7): Adnex Group Bhd has signed an agreement with Public Investment Bank Bhd to underwrite its initial public offering (IPO) on the ACE Market.

Under the agreement, Public Investment will underwrite shares set aside for the Malaysian public and the "pink form" allocation for eligible persons, the interior fit-out services firm said in a statement. The IPO’s timeline was not disclosed.

“The signing of this underwriting agreement represents another major step in our journey towards becoming a listed company,” said Adnex managing director Kan Wai Chun.

A company would have six months from the date of Bursa Malaysia’s approval to complete the listing, which Adnex secured on Sept 25, 2025.

Headquartered in Shah Alam, Selangor, Adnex specialises in interior fit-out services for commercial and industrial properties, including corporate offices, food-and-beverage outlets, and sales galleries.

“Our listing will provide the financial foundation to enhance our operational capacity, expand regionally into East Malaysia and selected overseas markets, and invest in technology and equipment upgrades to strengthen our competitive edge,” Kan said.

Founded by Wai Chun and his brother Wai Peng, Adnex plans to expand its corporate offices and establish branch offices in Malaysia, the Philippines, and Indonesia to secure more interior fit-out projects and broaden its international reach.

The brothers are also putting up for sale about 8% of their combined stake in the IPO. Post-listing, Wai Chun’s shareholding will fall to 55.5% from 75% while Wai Peng’s ownership will be diluted to 18.5% from 25%.

Public Investment Bank is the principal adviser, sponsor, sole underwriter and placement agent for the IPO.