Last updated on December 25, 2025
KUALA LUMPUR, 23 September 2025 – JS Solar Holding Berhad (JS Solar), a solar photovoltaic (PV) system company, made a strong debut on the ACE Market of Bursa Malaysia Securities Berhad on Tuesday, opening at 40 sen per share, a 29.03% premium over its issue price of 31 sen. The counter, listed under the energy sector with stock name JSSOLAR and code 0369, saw an opening volume of 6.98 million shares.
Milestone in Renewable Energy Push
Managing Director Johnson Chai Jeun Sian (蔡振贤) said the listing marks a defining moment for the company:
“The listing of JS Solar on the ACE Market of Bursa Securities marks a defining milestone for us. It provides a solid foundation for growth and enables us to tap into the expanding renewable energy landscape. As a listed entity, we are now well positioned to reinforce our capabilities, undertake more projects, and capture opportunities to accelerate our growth trajectory.”
Chai highlighted Malaysia’s national target of achieving 70% renewable energy share by 2050, alongside government initiatives such as LSS5+, LSS-Sabah, and the Solar Accelerated Transition Action Programme (Solar ATAP), as key drivers of demand for solar projects and technologies.
He added:
“These strategic drivers are expected to fuel demand for engineering, procurement, construction and commissioning (EPCC) services, and accelerate the adoption of advanced technologies such as Battery Energy Storage Systems (BESS), which are crucial in enhancing grid stability and optimising energy efficiency within a solar-powered ecosystem.”
IPO Proceeds Allocation
JS Solar raised RM24.18 million from the IPO, with allocations as follows:
- RM12.72 million (52.61%) – repayment of bank borrowings
- RM3.20 million (13.23%) – regulatory fees and renovation of new head office
- RM4.20 million (17.37%) – listing expenses
- RM2.52 million (10.40%) – working capital
- RM1.55 million (6.39%) – business expansion and marketing
Chai noted that the company intends to leverage its track record as the main contractor of a BESS project in Kulim Hi-Tech Park to integrate storage technology into future projects.
Strong Growth Track Record
JS Solar has recorded robust growth over the past two years:
- Revenue surged from RM70.27 million in FY2023 to RM186.53 million in FY2025, a CAGR of 62.93%.
- Profit after tax rose from RM0.96 million to RM8.00 million in the same period.
For its first quarter ended June 30, 2025 (1QFY2026), JS Solar reported RM23.98 million in revenue and RM2.07 million in profit after tax. The EPCC segment contributed 99.18% of total revenue, followed by contracting services (0.25%) and operations and maintenance (0.57%).
As of July 31, 2025, the group’s unbilled order book stood at RM39.74 million.
