Adnex Group Berhad IPO Analysis

Adnex Group Berhad

Adnex Group Berhad is a Malaysian investment holding company. Through its subsidiaries, primarily Adnex Interior Solution Sdn Bhd (AISSB), Adnex Malaysia Sdn Bhd, and Adnex International Sdn Bhd, the Group is principally engaged in the provision of interior fit-out services. It specializes in both interior fit-out works and turnkey fit-out services for commercial and industrial properties, mainly for corporate offices, F&B outlets, and sales galleries. While its main operations are in Malaysia, it has also served overseas markets.

Draft Prospectus (MITI)
Final Prospectus (Public)

Interim Shariah Status (Draft)

SC Shariah Status :

No status

Sharlife Shariah Status :

No status

Prospectus Date :

July 2025

Interim Shariah Status (Final)

Interim Shariah Status :

TBD

IPO Allocation Shares

Allocation	Shares	%
Malaysian Public
Bumiputera Shareholders Approved by MITI
Eligible Directors and Employees
Private Placement to Selected Investors and Others

Income Statement

	31/12/2022	31/12/2023	31/12/2024	% Growth
Revenue
Other Income
Interest Income
Profit After Tax
PAT Margin %

Balance Sheet

	31/12/2022	31/12/2023	31/12/2024	% Growth
Non-current Assets
Current Assets
Non Current Liabilities
Current Liabilities
Deferred Liabilities
Total Assets
Total Liabilities

Capital & Reserves

	31/12/2022	31/12/2023	31/12/2024	% Growth
Share Capital
Retained Earnings
Reserves
Working Capital
Shareholder Fund

Ratio

0 = Lowest | 5 = Highest

	31/12/2022	Score	31/12/2023	Score	31/12/2024	Score	% Growth
Current Ratio (Liquidity)
Debt Ratio (Leverage)
Gearing Ratio (Leverage)
Return on Capital Employed
Total Assets Turnover

Altman-Z

31/12/2022	31/12/2023	31/12/2024	Overall weighted score

P/E Comparison

Company P/E ratio

Peers	P/E

Summary Checklist

Checklist	Remarks
Principal Activities
Competitive Advantages and Key Strengths
Future Plans and Business Strategies
Risk Factors
Revenue

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