JS Solar Holding Berhad IPO's Analysis

JS Solar Holding Berhad

JS Solar Holding Berhad, through its subsidiaries, is principally involved in the renewable energy solutions sector in Malaysia. The Group's core activities include providing Engineering, Procurement, Construction, and Commissioning (EPCC) services and contracting services for solar photovoltaic (PV) systems. These services are offered for a range of properties, including residential, commercial & industrial (C&I) buildings, and utility-scale solar farms. The Group also provides complementary Operations & Maintenance (O&M) services to ensure the efficient operation of the solar PV systems it installs. The company undertakes projects across Peninsular Malaysia and has expanded its presence to Sabah, serving a diverse customer base that includes building owners, solar PV system investors, and main contractors.

IPO Details
Market: ACE
Principal Adviser: TA Securities Holdings Berhad
Issuing House: Tricor Investor & Issuing House (TIIH)
Shariah Status: SC (Yes)
Listing Price: 0.31
PE Ratio: 12.6
    PE (FYE): 12.6
    PE (FPE Annualised): -
    PE (Hybrid): -
MITI allocation?: No
Closing Date: 09-Sep-2025
Balloting Date: 11-Sep-2025
Listing Date: 23-Sep-2025
Oversubscription rate: 48.32x
Average Analysts FV :
Mplus (0.45)
iSaham IPO Score :
Market Cap: 100.75 M
Number of Shares: 325.00 M
IPO Allocations No. of Shares %
Malaysian Public 16.25 M 5.0%
Eligible Directors and employees 19.5 M 6.0%
Private placement to selected investors and others 61.75 M 19.0%
Total Allocations 97.50 M 30.0%

Offer for Sales of 19.50 M existing shares representing 6.0% enlarged shares.

Public Issue of 78.00 M new shares representing 24.0% enlarged shares.

Median Sectors PE: N/A
Median Peers PE:
Utilisation of Proceeds
Purpose Amount (RM'000) %
Expansion Business expansion and marketing activities 1,545 6.39
Working capital Working capital 2,515 10.4
Others Regulatory fees and renovation costs for the New Office 3,200 13.23
Listing expenses Estimated listing expenses 4,200 17.37
Debt Repayment of bank borrowings 12,720 52.61
Total 24,180 100
Utilisation of Proceeds
Business Segments
Geographical Segments
Major Customers
Profit After Tax (PAT) by Financial Year Ended
SWOT Analysis
No Available Pro Insight yet
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