Kuala Lumpur, August 28, 2025 — Solar photovoltaic (PV) system specialist JS Solar Holding Berhad has officially launched its prospectus for an initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities, seeking to raise RM24.18 million to accelerate its expansion in Malaysia’s fast-growing renewable energy sector.
The group, which offers engineering, procurement, construction and commissioning (EPCC) services alongside operations and maintenance (O&M) solutions, has built a track record across residential, commercial and industrial properties, as well as utility-scale projects, including ground-mounted, floating, and rooftop solar PV systems.
Managing Director Johnson Chai Jeun Sian described the listing as a strategic step forward for the company. “The launch of our prospectus today marks a key milestone as we enter the next phase of growth. Backed by our strong project portfolio, we are well-positioned to expand our footprint across Peninsular Malaysia and Sabah. The IPO proceeds will fund business expansion and strengthen our presence in the solar PV industry,” he said.
JS Solar also highlighted its growing focus on Battery Energy Storage Systems (BESS), which are increasingly vital for grid stability and efficiency as Malaysia targets 70% renewable energy capacity by 2050. The company recently completed its first BESS project as a main contractor, marking its entry into this high-potential technology.
As of July 31, 2025, the group recorded an unbilled order book worth RM39.74 million, comprising RM34.33 million from EPCC services, RM3.49 million from utility-scale contracting, and RM1.93 million from O&M contracts.
The IPO will involve the public issuance of 78 million new shares, representing 24% of JS Solar’s enlarged share capital, alongside an offer for sale of 19.5 million existing shares or 6% of the enlarged share capital. Of the new shares, 16.25 million will be made available to the public via balloting, 19.5 million to eligible directors, employees, and contributors to the group’s success, while the remaining 42.25 million will be placed with selected investors.
JS Solar’s revenue has shown rapid growth, climbing from RM70.27 million in FY2023 to RM186.53 million in FY2025, powered by major projects such as the 50MWac Kulim Hi-Tech Park project and the 5.9MWac Tawau project. Profit after tax rose sharply from RM0.96 million to RM8 million over the same period, representing a compound annual growth rate of 188.7%.
Post-listing, JS Solar is expected to have a market capitalisation of RM100.75 million, based on its IPO price of RM0.31 per share and an enlarged issued share capital of 325 million shares. Applications for the IPO open today and close on September 9, 2025, with listing scheduled for September 23, 2025.
TA Securities Holdings Bhd is the Principal Adviser, Sponsor, Underwriter, and Placement Agent, while Eco Asia Capital Advisory Sdn Bhd serves as Financial Adviser for the exercise.
