KUALA LUMPUR (May 8): Interior fit-out firm Inspace Creation Bhd (KL:INSPACE) ended its debut on the ACE Market with tiny gains on Friday amid weaker broader market conditions.

Inspace opened at 26.5 sen versus its initial public offering (IPO) price of 25 sen per share. The stock climbed to as high as 29 sen in less than two minutes before closing at 25.5 sen, its lowest of the day, after more than 49 million shares changed hands.

At the last price, the company had a market capitalisation of about RM94 million.

Demand for a slice of the company had been strong ahead of the listing. Applications from retail investors exceeded the available number of share by more than 70 times, one of the highest for an ACE Market company in recent years.

Inspace Creation focuses on interior fitting-out services, covering project planning and management, design conceptualisation and build, as well as servicing and maintenance works. The Kuala Lumpur headquartered firm reported an unbilled order book of RM30.28 million as of March.

The company has allocated RM6 million from the IPO proceeds to establish storage and mock-up facilities for clients in the Klang Valley, RM2.74 million to repay bank borrowings, RM4.39 million as working capital, and RM4 million for listing-related expenses.

Executive director Wong Chong Siong, together with Conceptual Holdings Sdn Bhd — a company in which he holds an 80% stake — received RM7.3 million from an sale of existing shares under the IPO. The remaining 20% is owned by Edward Cheong Han Bin, who co-founded Inspace Creation with Wong.

"The positive reception reflects the market’s response to our business model and our commitment to quality workspace transformations," Wong said in a statement post-listing. 

At its IPO price, Inspace Creation’s price-to-earnings ratio was 11 times based on net profit of RM8.11 million for the financial year ended November 30, 2025. Adnex Group Bhd (KL:ADNEX), another interior-fit out firm that debuted in March, was valued at 16 times its trailing earnings.

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