KUALA LUMPUR (March 9): Adnex Group Bhd, an interior fit-out firm, said the retail portion of its initial public offering (IPO) has been oversubscribed by 3.23 times ahead of its listing on the ACE Market on March 17.

In a statement on Monday, the company said it received 3,362 applications for 105.85 million IPO shares from the Malaysian public, representing a total value of RM21.17 million. Within this, the Bumiputera portion was oversubscribed by 0.59 times, while the other Malaysians portion recorded an oversubscription rate of 5.88 times.

Shares reserved for eligible persons have been fully reserved, while those made available by way of private placement to selected investors have been fully placed out, the company said.

Shares reserved for identified Bumiputera investors approved by the Ministry of Investment, Trade and Industry-approved Bumiputera investors were also fully subscribed after clawback and reallocation, it added.

Adnex's IPO comprises 130 million shares, priced at 20 sen each. This includes a public issue of 90.5 million new shares and an offer for sale of 39.5 million existing shares.

Managing director Kan Wai Chun said in the statement that the IPO proceeds will enable the company to strengthen its operational capacity, enhance its digital infrastructure and expand its footprint to East Malaysia and selected overseas markets.

Based in Shah Alam, Adnex was founded by Wai Chun and his brother Kan Wai Peng. It specialises in providing interior fit-out services for commercial and industrial properties, mainly for use as corporate offices, food-and-beverage outlets and sales galleries.

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