KUALA LUMPUR: JS Solar Holding Bhd
commenced trading on the ACE Market of Bursa Malaysia at a 29% premium to its initial public offering (IPO) price after a well-received public share sale that was over 48 times oversubscribed.
Shares in the solar photovoltaic systems company opened on the market at 40 sen a share, a nine sen increase over its reference price of 31 sen a share, with 6.98 million shares crossed.
As at 9.33am, the share remained traded at 40 sen a share after 37.87 million shares done, making it the most active counter on Bursa Malaysia.
JS Solar had raised RM24.18mil from its IPO, more than half of which will be used to repay bank borrowings.
About RM3.2mil, representing 13.2%, has been allocated for regulatory fees and renovation costs of a new office, while RM4.2mil, or 17.4%, will go towards listing expenses.
A further RM2.51mil, or 10.4%, has been earmarked for working capital, with RM1.5mil, or 6.4%, set aside for business expansion and marketing activities.
As at July 31, the group recorded an unbilled order book of RM39.74mil. The bulk of these orders, RM34.33mil, were derived from EPCC services, RM3.49mil from contracting services for utility-scale projects, and RM1.93mil from O&M services.
JS Solar’s revenue rose from RM70.27mil in the financial year ended March 31, 2023 (FY23) to RM186.53mil in FY2025, driven by major projects including 50MWac Kulim Hi-Tech Park and 5.9MWac Tawau projects, alongside steady C&I contributions.
