KUALA LUMPUR: Solar photovoltaic (PV) system company, JS Solar Holding Bhd, launched its prospectus in conjunction with its initial public offering (IPO) exercise on the ACE Market of Bursa Malaysia.
Managing director Johnson Chai Jeun Sian said the launch of the prospectus marks a key milestone for JS Solar as the group move into the next phase of growth.
“Backed by a solid track record, we are well-positioned to expand our operations across Peninsular Malaysia and Sabah.
“The IPO proceeds are earmarked for, among others, our business expansion and strengthening our market presence in the solar PV industry,” he said in a statement.
JS Solar provides comprehensive engineering, procurement, construction, and commissioning (EPCC) services, as well as contracting services for solar PV systems, complemented by operations and maintenance (O&M) services.
The group has successfully delivered solar PV projects spanning residential, commercial and industrial (C&I) properties, and utility-scale projects, with a diverse portfolio that includes ground-mounted, floating, and rooftop solar PV systems.
In line with the national agenda to increase the renewable energy capacity to 70% by 2050, the government is intensifying efforts to drive wider adoption of solar PV systems.
This policy direction has not only spurred stronger demand for solar energy solutions but has also accelerated the need for supporting technologies, such as battery energy storage systems (BESS), which play a crucial role in ensuring grid stability and energy efficiency in a solar-powered ecosystem.
“BESS is a cutting-edge solution that stores surplus electricity, particularly from renewable sources, during off-peak periods and discharges it during high demand, improving grid stability and reducing dependence on fossil fuels.
“We see significant potential in this technology and have completed a BESS project, which marks our entry as a leading contractor in this technology.
“We are confident that JS Solar will continue to serve as a trusted strategic partner in driving future BESS development,“ Chai said.
As of July 31, 2025, the group recorded an unbilled order book of RM39.74 million, comprising RM34.33 million from EPCC services, RM3.49 million from contracting services for utility-scale projects, and RM1.93 million from O&M services.
The expected IPO proceeds of RM24.18 million are planned to be utilised across several key areas.
Approximately RM3.2 million, or 13.23%, has been allocated for regulatory fees and renovation costs for the new office.
The largest portion, RM12.72 million or 52.61%, will be used to repay bank borrowings.
Around RM1.55 million, representing 6.39%, is earmarked for business expansion and marketing activities, while RM2.52 million, or 10.40%, is set aside for working capital.
Finally, an estimated RM4.2 million, equivalent to 17.37% of the proceeds, will be allocated for listing expenses.
The IPO exercise entails a public issue of 78.00 million shares, representing 24.00% of its enlarged issued share capital, as well as an offer for sale of 19.50 million existing shares, representing 6.00% of the enlarged issued share capital.
Out of the 78.00 million shares, 16.25 million shares will be made available to the Malaysian public via balloting, 19.50 million shares to eligible directors, employees, and other persons who have contributed to the success of the group, and the remaining 42.25 million shares will be made available by way of private placement to selected investors.
The 19.50 million shares will be made available through a private placement to selected investors.
JS Solar’s revenue grew from RM70.27 million in the financial year ended March 31, 2023 (FY23) to RM186.53 million in FY25.
This was supported by the delivery of major projects such as the 50 MWac Kulim Hi-Tech Park (KHTP) project and the 5.9 MWac Tawau project, along with steady contributions from EPCC services for C&I projects.
In line with this growth, the group’s net profit increased from RM0.96 million to RM8.00 million over the same period, representing a compound annual growth rate of 188.7%.
Upon listing, JS Solar is expected to have a market capitalisation of RM100.75 million, based on its enlarged issued share capital of 325.00 million shares and an IPO price of RM0.31 per share.
The group is scheduled to be listed on the ACE Market on September 23, 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.