Inspace Creation Berhad
INSPACE0451ShariahListedTA Securities Holdings Berhad · ACE Market · Listing 08 May 2026
Auto Summary
Revenue
PAT
Margins & Gearing
Utilisation Of Proceeds
Valuation Breakdown
Category Scores
Growth Vs Risk Matrix
Growth increases upward and risk decreases to the right, so the most attractive IPOs sit in the top-right quadrant.
Inspace Creation pairs one of the batch's best growth curves with one of its least growth-oriented raises. Revenue compounded 58.7% a year to RM78.6m and PAT attributable 81.9% a year to RM8.11m, gross margin widened in every year to 30.7%, and the balance sheet strengthened from 0.82x gearing to 0.27x with a 2.02x current ratio and a 45.1% ROE. Demand was emphatic — the public portion was oversubscribed 70.3 times. The reservation is the use of proceeds. Of the RM17.13m raised, only 35.04% funds a storage and mock-up facility that actually adds capacity; 23.36% is listing expenses, heavy for a raise this size, and 15.99% repays borrowings that the improving balance sheet was already retiring. At RM0.25 the shares are 11.4x FYE2025 earnings — undemanding for the growth — but 3.13x pro forma book, the richest multiple in the batch, because the equity base is thin. This is an earnings-momentum case resting on a project order book, not a capacity-expansion story. Principal risk is order-book replenishment: interior fitting-out revenue is lumpy, and the raise does little to change that.
Strengths
- Revenue compounded 58.7% a year to RM78.6m and PAT attributable 81.9% a year to RM8.11m. - Gross margin widened in every year, from 22.3% to 30.7%. - Gearing fell from 0.82x to 0.27x while the current ratio improved to 2.02x. - ROE of 45.1% on FYE2025 equity of RM18.0m, and a 70.3x public subscription.
Weaknesses
- Growth allocation is only 35.04%; the largest non-growth lines are listing expenses (23.36%) and debt repayment (15.99%). - P/B of 3.13x is the highest in this batch, on RM18.0m of equity. - Interior fitting-out revenue is project-based and depends on a replenishing order book. - No MITI tranche; listing expenses of 23.36% are heavy for a RM17.13m raise.
Opportunities
- The new storage and mock-up space adds design-and-delivery capacity for larger contracts. - A RM30.28m order book at the LPD underpins near-term revenue visibility. - Debt repayment from proceeds lowers finance costs and frees cash for project working capital.
Threats
- Fit-out demand tracks commercial construction and tenant-improvement cycles, which can slow quickly. - Project delays or cost overruns compress margins on fixed-price contracts. - Losing a major customer or order would reshape a financial year given the project-based model.
IPO Balloting Calculator
Tier snapping, subscription cost, and expected-value estimate.
| Units | Tier | Cost | Success | Open Profit | Open EV | Hold Profit | Hold EV |
|---|---|---|---|---|---|---|---|
| 100 | 1 | RM25 | 1.42% | RM5 | RM0 | RM13 | RM0 |
| 300 | 2 | RM75 | 1.49% | RM15 | RM0 | RM38 | RM1 |
| 1,100 | 3 | RM275 | 1.56% | RM55 | RM1 | RM138 | RM2 |
| 2,100 | 4 | RM525 | 1.64% | RM105 | RM2 | RM263 | RM4 |
| 3,100 | 5 | RM775 | 1.71% | RM155 | RM3 | RM388 | RM7 |
| 4,100 | 6 | RM1,025 | 1.78% | RM205 | RM4 | RM513 | RM9 |
| 6,100 | 7 | RM1,525 | 1.85% | RM305 | RM6 | RM763 | RM14 |
| 11,100 | 8 | RM2,775 | 1.92% | RM555 | RM11 | RM1,388 | RM27 |
| 20,100 | 9 | RM5,025 | 1.99% | RM1,005 | RM20 | RM2,513 | RM50 |
| 50,100 | 10 | RM12,525 | 2.06% | RM2,505 | RM52 | RM6,263 | RM129 |
| 100,100 | 11 | RM25,025 | 2.13% | RM5,005 | RM107 | RM12,513 | RM267 |
| 200,100 | 12 | RM50,025 | 2.20% | RM10,005 | RM221 | RM25,013 | RM551 |
| 500,100 | 13 | RM125,025 | 2.28% | RM25,005 | RM569 | RM62,513 | RM1,423 |
| 1,000,100 | 14 | RM250,025 | 2.35% | RM50,005 | RM1,174 | RM125,013 | RM2,934 |
| 2,000,100 | 15 | RM500,025 | 2.42% | RM100,005 | RM2,418 | RM250,013 | RM6,046 |
| 5,000,100 | 16 | RM1,250,025 | 2.49% | RM250,005 | RM6,223 | RM625,013 | RM15,559 |
| 10,000,100 | 17 | RM2,500,025 | 2.56% | RM500,005 | RM12,802 | RM1,250,013 | RM32,006 |
The trailing 100 units are intentional: applying just over a boundary, such as 20,100 instead of 20,000, lands in the next balloting tier. Success rate is a heuristic, not published balloting odds.
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