Inspace Creation Berhad

Date of Prospectus: 13 April 2026

Inspace Creation Berhad IPO: Growth Story in Malaysia’s Interior Fitting-Out Sector

Inspace Creation Berhad’s IPO offers investors an opportunity to participate in the growth of a rapidly scaling Malaysian interior fitting-out specialist, with a focus on capital expansion, project pipeline growth, and broad-based sector momentum. This analysis delivers all key facts, figures, and insights to guide institutional and retail investors considering this ACE Market debut.

IPO Snapshot: Key Offer Details and Market Opportunity

Inspace Creation Berhad (“IPO Symbol: Not Stated”) is seeking to raise RM17.13 million via a Public Issue of 68,500,000 new ordinary shares at RM0.25 each, alongside an Offer for Sale of 29,300,000 existing shares. The total offer size is 97,800,000 shares, representing 26.48% of the enlarged 369,301,600 post-IPO shares. The expected market capitalisation upon listing is RM92.33 million.

No over-allotment or greenshoe option will be deployed. The IPO is not subject to Securities Commission Malaysia approval as it is an exempt transaction under Section 212(8) of the Capital Markets and Services Act 2007. The shares are classified as Shariah-compliant as at the date of issue [[36]], [[52]], [[54]].

Use of Proceeds: Focused on Expansion and Strengthening Operations

The IPO proceeds are earmarked for growth initiatives, working capital, debt reduction, and listing expenses, indicating a capital expansion and operational strengthening strategy. The breakdown is as follows:

This allocation emphasizes infrastructure investment and working capital support, with a meaningful deleveraging component. The Offer for Sale proceeds (RM7.33 million) will accrue to selling shareholders and not to the company [[44]], [[56]].

Placement and Issuance Breakdown: Public, Private, and Employee Allocations

The IPO structure is designed for broad-based participation:

• Public Issue (68,500,000 shares):
  • Malaysian Public via balloting: 18,466,000 shares (5.00%, 50% reserved for Bumiputera investors)
  • Eligible Directors, Employees, and Contributors (“Pink Form”): 8,500,000 shares (2.30%)
  • Private Placement to selected investors: 41,534,000 shares (11.25%)
• Offer for Sale (29,300,000 shares):
  Private Placement to selected investors (7.93%)

No cornerstone or anchor investors are named. Employees and contributors receive a moderate allocation, with public and private placements forming the majority [[36]], [[46]], [[49]].

Investor Participation and Book Quality

Public tranches are fully underwritten by TA Securities Holdings Berhad. Private placement allocations are not underwritten, but irrevocable undertakings from selected investors are to be obtained. No public disclosure of anchor, institutional, or cornerstone investor names or subscription levels was provided. Pre-listing disposals include 23 million shares by Wong Chong Siong and 6.3 million by Conceptual Holdings via Offer for Sale. The breadth of the public and private allocations, plus underwriter commitment, signals a drive for liquidity and broad shareholder participation [[49]], [[51]], [[62]].

Deal Parties and Structure

• Principal Adviser, Sponsor, Underwriter, Placement Agent: TA Securities Holdings Berhad
• Issuing House: Malaysian Issuing House Sdn Bhd
• Share Registrar: Boardroom Share Registrars Sdn Bhd

No price stabilization or over-allotment (greenshoe) option will be used. The underwriter will take up any shortfall in the underwritten public tranches. TA Securities’ multiple roles as adviser, sponsor, underwriter, and placement agent ensure close control and support for offering execution [[36]], [[52]], [[63]].

Company Overview: Business Model, Revenue Streams, and Market Focus

Inspace Creation Berhad is an investment holding company. Through its subsidiaries, the Group provides “interior fitting-out services” across the entire project lifecycle, including:

• Project planning and management (from consultation to completion)
• Design conceptualization and build
• Servicing and maintenance works

The company’s business model targets commercial projects, with revenue derived from project execution and completion. Geographic focus is Malaysia, with offices and planned expansion of storage/mock-up facilities in Klang Valley. Key subsidiaries include IDPM, IDPM Associates, IDPM Builder, IDPM Engineering, ACF Engineering, and Image Articulation [[36]], [[37]], [[125]].

Financial Health: Multi-Year Performance and Key Ratios

Revenue has quadrupled over the review period, with expanding gross and net margins and improving cash generation. As of 30 November 2025, the order book stood at RM20.07 million (RM30.28 million as at LPD), to be recognised over the next 3–6 months [[44]].

Market Position and Competitive Advantages

Inspace Creation’s competitive strengths are attributed to:

• Full project lifecycle coverage (planning, design, execution, maintenance)
• Strong track record and relationships with commercial clients
• Experienced senior management and technical teams
• Focus on capital expansion to support larger and more complex projects

Market share, sector size, and industry ranking are not numerically disclosed in the document.

Management Team

Key names and roles:

• Wong Chong Siong – Promoter, Substantial Shareholder, Executive Director
• Edward Cheong Han Bin – Promoter, Substantial Shareholder
• Muhammad Hakimi Lau – COO
• Jess Song Yen Hong – Business Development Director
• Tan Beng Soon – Head of Corporate Affairs cum CFO

Other directors include Dato’ Sri Dr Shahril Bin Mokhtar, Ang Mei Ping, Saw Wai Chuan, and Voong Kian Yee. Directors and key senior management collectively hold or are eligible for significant Pink Form allocations [[45]], [[86]].

Trends, Timing and Market Environment

• Sector demand is driven by property and commercial development cycles. The order book’s rapid growth reflects wider sector momentum.
• IPO timing: Application opens on 13 April 2026 and closes 22 April 2026. Listing is set for 8 May 2026.
• There is no mention of adverse macroeconomic conditions in the prospectus. The inclusion of capex-driven use of proceeds and a growing order book suggests a positive business and market outlook.

Dividend Policy and Shareholder Returns

No formal dividend policy is in place. Dividend declarations are subject to Board discretion, company profitability, and banking covenants. No explicit payout ratio or future dividend target is disclosed. Past dividends were paid to promoters, but no commitment is made for post-IPO distributions [[43]].

Risk Factors

Investors should note the following key risks:

• Project-based revenue model means order book replenishment is critical for sustained performance.
• Dependence on a small group of executive directors and key senior management.
• Potential for unanticipated cost overruns, which may affect profitability.
• No material customer concentration, FX, commodity, or sectoral risks are quantified, but general industry and operational risks are described.
• Related-party transactions and conflict of interest are monitored according to board policies.

Full risk factors are described in detail in the prospectus [[40]].

Growth Strategy and Expansion Pipeline

• RM6.0 million of IPO proceeds allocated to capital expenditure, including a new 4,800 sq. ft. facility in Klang Valley for storage and mock-up space (target completion: 24 months).
• Working capital for project execution and materials (RM4.39 million) enables expansion to larger, more complex contracts.
• Investment in design technology (AutoCAD, Autodesk 3ds Max, Adobe Creative Cloud) for enhanced project delivery.

Ownership and Lock-Ups: Pre- and Post-IPO Structure

Moratorium period: All specified shareholders are subject to a 6-month full lock-up; subsequently, at least 45% of issued shares remain under lock-up for a further 6 months. Thereafter, a maximum of one-third of the moratorium shares may be sold each year on a straight-line basis [[45]], [[67]].

Valuation

• IPO Price: RM0.25 per share
• Pro-forma Net Asset per Share: RM0.08 post-IPO
• Implied Price-to-Earnings (P/E): 11.36x (FYE 2025 PAT of RM8.11m, 369.3m shares)
• Implied Price-to-Book (P/B): 3.13x
• Dilution to new investors (NA per share): 68%

Peer comparison metrics and sector multiples are not disclosed in the document.

Research & Opinions

No third-party analyst coverage, target prices, or formal recommendations are included in the prospectus. All opinions in this article are based strictly on disclosed facts and figures.

Listing Outlook: Is Inspace Creation Worth Subscribing?

Based strictly on disclosed figures, Inspace Creation Berhad offers:

• Fast-growing revenue and profits with expanding margins
• A clear capex-driven growth story, with proceeds supporting expansion and working capital
• Balanced public and private investor participation, with full underwriting of public tranches
• Reasonable valuation (P/E 11.36x) for a high-growth, asset-light project business

Risks are typical of project-based contractors: order book dependence, cost overruns, and key personnel reliance. The absence of a formal dividend policy may limit near-term income appeal but supports reinvestment. There is no indication of significant sector headwinds or adverse macroeconomic factors. The lack of a greenshoe may mean a more volatile debut, but the presence of a substantial order book, capex pipeline, and a significant public share float suggests strong first-day trading potential.

Based on all available facts, the IPO appears attractive for growth-focused investors seeking exposure to Malaysia’s interior fit-out sector. First-day trading is likely to be robust relative to the offer price, supported by a growing order book and improving financials.

Prospectus Access

The prospectus is available at www.bursamalaysia.com.

How to Apply for Inspace Creation Berhad Shares

Application Channels:

• Participating financial institutions’ ATMs
• Bursa Malaysia member brokers
• Malaysian Issuing House Sdn Bhd (hardcopy forms only, not electronic)

Application Period: 13 April 2026 (10:00am) to 22 April 2026 (5:00pm)

Eligibility: Malaysian citizens, companies, cooperatives, societies, and institutions incorporated or organized under the laws of Malaysia. At least 25% of the enlarged share capital must be held by a minimum of 200 public shareholders (with at least 100 shares each) at the point of listing.

For more information on application procedures, visit: www.bursamalaysia.com