PETALING JAYA: Inspace Creation Bhd, a provider of interior fit-out services, is optimistic about the industry’s growth and is able to tap larger markets post-listing.
Independent non-executive chairman Datuk Seri Dr Shahril Mokhtar said this optimism is anchored on the group’s established operating platform built over the years.
He said the group’s subsidiary, IDPM Sdn Bhd, achieved Coinstruction Industry Development Board (CIDB) Grade 5 status in 2018 and was later upgraded to CIDB Grade 7 in 2019, allowing it to tender for projects of unlimited value across Malaysia.
“Our group also obtained ISO 9001:2015 certification in 2021, reinforcing its commitment to quality management and disciplined execution. These milestones have helped lay the foundation for the business we are celebrating today,“ he told delegates at the listing ceremony today.
Inspace Creation made its debut on the ACE Market of Bursa Malaysia, opening at 26.5 sen per share, representing a 6% premium over its initial public offering (IPO) price of 25 sen per share.
The opening performance reflects robust investor confidence in Inspace Creation’s specialised technical expertise, its project delivery track record, and its growth prospects in the commercial property segment, the company said in a statement.
With more than eight years of operational history, Inspace Creation is an established interior fitting-out specialist providing end-to-end solutions that include project planning and management, design conceptualisation, building works, and post-completion maintenance.
The group primarily serves corporate clients in Malaysia and specialises in transforming commercial office spaces into aesthetically pleasing, operationally efficient environments.
Inspace Creation raised gross proceeds of about RM17.13 million from its IPO via the issuance of 68.50 million new ordinary shares.
Inspace Creation is allocating RM6 million to capital expenditure to set up a storage and mock-up space and enhance the group’s capabilities and capacity, and RM4.39 million to working capital to fund material purchases and subcontractors’ fees for ongoing and future projects, as well as operating and administrative expenses.
Further, RM2.74 million is allocated for repayment of bank borrowings, and RM4 million for estimated listing expenses related to the IPO exercise.
Executive director Wong Chong Siong said the group’s listing marks a defining milestone in its corporate history.
“The positive reception reflects the market’s response to our business model and our commitment to quality workspace transformations.
“With the capital raised, we are now better equipped to expand our operations, establish dedicated mock-up facilities to enhance client engagement, and pursue larger-scale commercial projects across regional markets beyond the Klang Valley.
“We remain dedicated to delivering excellence and creating long-term value for our shareholders,“ he said.
TA Securities Holdings Bhd head of corporate finance Ku Mun Fong said Inspace Creation’s successful debut on the ACE Market reflects market interest in the group’s track record and its specialised focus on the commercial office segment.
“With favourable industry dynamics driven by the evolving needs for functional workspace design, Inspace Creation is positioned to pursue its growth strategies. TA Securities is pleased to have supported the group as it enters this new phase as a public-listed entity.”
TA Securities is the principal adviser, sponsor, underwriter and placement agent for the IPO.
