Last updated on August 23, 2025
Kuala Lumpur, 14 August 2025 – Solar photovoltaic (“solar PV”) system company, JS Solar Holding Berhad (“JS Solar”), has entered into an underwriting agreement with TA Securities Holdings Berhad (“TA Securities”) in conjunction with its upcoming initial public offering (“IPO“) on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities“).
JS Solar, through its subsidiaries (collectively known as the “Group”), principally provides engineering, procurement, construction, and commissioning (“EPCC”) services and contracting services for solar PV systems, along with operations and maintenance (“O&M”) services. The Group has established a strong track record in delivering solar PV systems across residential, commercial, and industrial properties, as well as utility-scale projects. Its project portfolio includes ground-mounted, floating, and rooftop solar PV systems.
Malaysia has set a target to increase its share of renewable energy capacity to 70% by 2050, in line with its energy transition goals. Supporting this national agenda is the growing demand for solar PV and energy storage solutions, underpinned by favourable government policies such as the Net Energy Metering (“NEM”), Large Scale Solar (“LSS”), and Self-Consumption (“SELCO”) programmes.
The independent market research consultant, Providence Strategic Partners Sdn Bhd, estimates the solar PV EPCC services industry to grow from RM728.0 million in 2024 to RM1,274.4 million in 2027, representing a compound annual growth rate (“CAGR”) of 20.5%.
As Malaysia increases its reliance on renewable energy sources, Battery Energy Storage Systems (“BESS”) are expected to play a critical role in enhancing grid stability and reliability. BESS are designed to absorb excess energy generated from renewable sources, such as solar and wind, and release it when required. This helps to mitigate natural fluctuations and intermittencies inherent to power grids, thereby facilitating the seamless integration of renewable energy sources into the grid.
In line with this shift, the Group has completed a BESS project in Kulim Hi-Tech Park, underscoring its commitment to expanding its capabilities in advanced renewable energy technologies.
Managing Director of JS Solar, Mr. Johnson Chai Jeun Sian (蔡振贤先生) said, “The signing of the underwriting agreement with TA Securities brings us one step closer to our upcoming listing on the ACE Market of Bursa Securities. This milestone marks the beginning of a new chapter, focusing on driving growth and strengthening our market presence.”
“The funds raised through our IPO will be channelled towards strengthening our position in Malaysia’s solar PV industry. We are also actively exploring opportunities to integrate BESS into our EPCC offerings to meet the growing demand for reliable and stable renewable energy solutions. These efforts will support our long-term growth and contribute to Malaysia’s broader energy transition agenda.”
The IPO exercise entails a public issue of 78.00 million new ordinary shares (“Issue Shares”), representing 24.00% of the Company’s enlarged issued share capital, as well as an offer for sale of 19.50 million existing shares (“Offer Shares”), representing 6.00% of the enlarged issued share capital.
Out of the 78.00 million Issue Shares, 16.25 million Issue Shares will be made available to the Malaysian Public via balloting; 19.50 million Issue Shares to eligible directors, employees, and other persons who have contributed to the success of the Group (“Pink Form Allocation”); and the remaining 42.25 million Issue Shares will be made available by way of private placement to selected investors. The 19.50 million Offer Shares will be made available by way of private placement to selected investors.
Pursuant to the underwriting agreement, TA Securities has agreed to underwrite a total of 35.75 million Issue Shares made available to the Malaysian Public and Pink Form Allocation.
JS Solar is scheduled to be listed on the ACE Market of Bursa Securities by the third quarter of 2025. TA Securities serves as the Principal Adviser, Sponsor, Underwriter and Placement Agent, while Eco Asia Capital Advisory Sdn Bhd serves as the Financial Adviser for the IPO exercise.
