Company: Inspace Creation Berhad

Date of Prospectus: 27 March 2026

Inspace Creation Berhad IPO: Key Insights, Financials, Risks, and Growth Prospects for 2026 Listing

IPO Snapshot: Offer Details and Structure

Inspace Creation Berhad launches its IPO in 2026, targeting a listing on the ACE Market of Bursa Malaysia Securities. The offering aims to position the company as a leading provider of interior fitting-out services in Malaysia, leveraging strong market demand and a robust financial track record.

• IPO Symbol: Not explicitly stated; Inspace Creation Berhad is the issuer.
• Offer Price: RM0.25 per share
• Total Offer Size: RM17,125,000 (gross proceeds)
• Number of Shares Offered: 68,500,000 new ordinary shares
• Post-IPO Outstanding Shares: 369,301,600 shares
• Placement Breakdown:
  • Malaysian Public: 18,466,000 new shares
  • Eligible directors, employees, contributors: 8,500,000 new shares
  • Private Placement to selected investors: 41,534,000 new shares
  • Offer for Sale (private placement to selected investors): 29,300,000 existing shares
• Application Window: Opens 10:00 AM, 13 April 2026; Closes 5:00 PM, 22 April 2026

Use of Proceeds:

The allocation of proceeds suggests a balanced growth and deleveraging strategy: Significant investment in expansion (storage, IT) alongside debt repayment and working capital strengthening [[211]].

Dividend Policy and Commitment

No formal dividend commitment is made. The company states that future dividends will depend on profits, working capital needs, capital expenditure, and investment plans. Dividends prior to listing were satisfied via internal funds and do not impact execution of business strategies. There is no assurance or timetable for dividend payments after listing [[114]], [[42]].

Investor Participation and Book Quality

Institutional and Anchor Investors: Allocations to selected investors via private placement are noted, but specific investor names and tranche allocations are not disclosed [[210]].

Retail Participation: The Malaysian public is allocated 18,466,000 shares; eligible persons (directors, employees, contributors) are allocated 8,500,000 shares. Balloting is used in the event of oversubscription to ensure broad shareholding and liquidity [[243]].

No oversubscription metrics or book quality statistics are disclosed. Book quality inference: The allocation structure and mandatory public spread suggest efforts to ensure a liquid market and broad retail participation, which may support solid first-day performance [[243]].

Deal Parties and IPO Structure

Principal Adviser, Sponsor, Underwriter and Placement Agent: TA Securities

Auditors and Reporting Accountants: Morison LC PLT

Solicitors: David Lai & Tan

IMR: Providence

All advisers confirm no conflicts of interest. The presence of established deal parties may support listing-day performance [[53]], [[236]].

Stabilization/Greenshoe: No explicit details are provided regarding stabilization or over-allotment options.

Company Overview: Business Model, Services, and Market Position

Inspace Creation Berhad specializes in interior fitting-out services, including project planning and management, design conceptualization and build, servicing, and maintenance. Operations are supported by an in-house technical team, targeting commercial clients primarily within the Klang Valley, with plans to expand regionally [[67]], [[17]].

Revenue Streams: Execution and completion of project-based contracts.

Customer Segments: Commercial property owners, developers, and corporate clients.

Geographies: Klang Valley (core), with planned expansion across Malaysia and regional markets.

Industry/Sector Definition: Interior fitting-out industry. Exact sector size not disclosed, but company reports a growing reputation and track record [[17]].

Market Position:

• Strong track record of completed projects
• Growing brand reputation; not materially dependent on any single commercial contract or supplier [[19]]
• Unbilled order book as at LPD: RM30.28 million across 18 ongoing projects [[34]]

Financial Health and Performance

Multi-Year Financials:

Financial highlights: Revenue grew robustly from RM19.8 million in FYE 2022 to RM78.6 million in FYE 2025. Net profit margin improved from 1.56% to 10.66% over the same period. Gearing declined sharply, reflecting strong deleveraging, especially post-IPO (expected pro forma gearing: 0.07 times) [[55]], [[56]], [[108]], [[212]], [[215]].

Interest Coverage: Finance costs remained manageable; EBITDA to interest expense ratio suggests strong coverage [[55]].

Working Capital: Current ratio improved to 2.02 times by FYE 2025 [[102]].

Management Team and Leadership

• Executive Directors: Wong Chong Siong, Edward Cheong Han Bin
• Director (subsidiary): Kon Sin Wei (IDPM Engineering, 40% equity interest)

Relevant Experience: Directors and substantial shareholders hold significant equity and have track records in the sector [[50]], [[125]].

Sector Trends, IPO Timing, and Market Environment

Sector and Regional Trends: The interior fitting-out industry is experiencing growth, with demand driven by commercial property development and corporate expansion. The company recognizes sustainability and ESG reporting as core to its value creation strategy, aligning with Bursa Securities’ Sustainability Reporting Guidelines [[19]].

Timing: The IPO application period runs from 13 April to 22 April 2026. Listing date is not explicitly stated, but completion is targeted soon after closure [[238]].

Economic/Market Environment: The company notes no material adverse impact from government, economic, fiscal, or monetary policies during the review periods. Inflation is not deemed material, but future increases may affect margins [[108]].

Recent Developments: Pre-listing restructuring completed in March 2026, with acquisitions and consolidation of subsidiaries completed, positioning the Group for growth [[210]], [[230]].

Risk Factors and Quantified Exposures

• Project-Based Revenue Risk: Financial performance depends on securing new contracts and replenishing the order book. Unbilled order book as at LPD: RM30.28 million [[34]].
• Market and Macroeconomic Risks: Unfavorable changes in Malaysia’s socio-political or macroeconomic landscape may adversely affect operations [[39]].
• Share Price Volatility: No prior public market; share price and trading volume may be volatile, subject to internal and external market factors [[40]].
• Listing Risk: IPO may be delayed or aborted due to various factors; refund procedures are in place [[41]].
• Ownership Concentration Risk: Promoters and substantial shareholders will hold 73.52% post-listing, able to exert significant influence [[42]].
• Legal Risk: Ongoing litigation for RM500,000 settlement; judgment secured, but the sum was recognized as a fair value loss in FYE 2025 [[230]], [[236]].
• Dividend Risk: No formal dividend policy or assurance [[42]].
• Dilution Risk: Future fund raising may dilute shareholdings [[42]].
• Contingent Liabilities: None as at LPD [[100]].

Growth Strategy: Expansion and Capex Pipeline

Business Expansion:

• RM5.70 million allocated to set up storage and mock-up space
• RM300,000 for IT system enhancement
• Active participation in tenders for projects outside Klang Valley
• Leveraging existing talent and local subcontractors for regional expansion
• Strategic diversification to mitigate reliance on a single geographic market [[17]], [[211]]

No material capital commitments apart from IPO-driven capex.

Ownership Structure and Lock-Up Arrangements

Pre- and Post-IPO Shareholding:

• Post-IPO, total shares: 369,301,600
• Promoters and substantial shareholders: 73.52% direct interest
• Public/Investors: Up to 26.48% post-IPO
• No ESOP or option schemes as at prospectus date [[221]]
• Moratorium/lock-in periods apply to promoters and substantial shareholders; after which they may dispose of shares [[41]]

Valuation and Peer Comparison

No explicit peer comparison table is disclosed. Revenue growth, margins, and gearing position the company favorably for a small-cap IPO, but sector benchmarks are not provided in the prospectus.

Other IPOs: No concurrent IPOs or 10-day sector performance tables are provided.

Research and Analyst Opinions

No explicit analyst coverage, price targets, or research opinions are included.

IPO Allotment and Subscription Outcomes

Final subscription outcomes are not disclosed. Balloting will be used for oversubscription. Minimum public spread (25% held by at least 200 public shareholders with not less than 100 shares each) is targeted [[243]].

Listing Outlook and Subscription Assessment

Based on robust multi-year revenue growth, expanding margins, and a strong deleveraging story, the IPO appears fundamentally attractive for investors seeking exposure to Malaysia’s commercial interior fitting-out sector.

The growth-driven allocation of IPO proceeds, broad public participation, and strong management presence signal potential for solid first-day performance. With a pro forma gearing of just 0.07 times and net assets per share of RM0.08 post-IPO, market conditions appear favorable for a successful listing. While volatility may be expected, the offer price of RM0.25 is likely to serve as a strong anchor, with listing-day trading potentially ranging above the IPO price, subject to market sentiment and subscription levels [[215]].

Prospectus Access

To obtain the prospectus, visit: www.bursamalaysia.com

How to Apply for Inspace Creation Berhad IPO

Application Channels:

• White Application Form (Malaysian Public: individuals and non-individuals)
• Pink Application Form (Eligible Persons: directors, employees, contributors)
• Electronic Share Application (Malaysian individuals)
• Internet Share Application (Participating financial institutions and securities firms)
• Private Placement (Placement agent contacts selected investors directly)

Eligibility: Applicants must have a CDS account and a correspondence address in Malaysia. Applications must be for at least 100 shares or multiples thereof. Multiple applications are prohibited and may result in legal penalties. Refer to the application window: 13 April 2026 to 22 April 2026 [[238]], [[239]], [[240]].

Enquiries: Contact Malaysian Issuing House Sdn Bhd at +603-7890 4700 or use the respective application channels as stated above [[245]].