KUALA LUMPUR (Aug 28): JS Solar Holding Bhd, which builds and installs solar panels, is pricing its initial share sale at 31 sen per share as part of its ACE Market listing.
The initial public offering (IPO) is expected to raise more than RM30 million, of which RM24.18 million will go to the company based in Shah Alam, Selangor and another RM6.05 million will accrue to a group of existing shareholders, according to its prospectus released on Thursday.
Application for the shares will close on Sept 9 and listing has been scheduled for Sept 23.
JS Solar mainly provides engineering, procurement, construction and commissioning services and solar photovoltaic systems. The company is also involved in operating and maintaining its client’s solar systems.
For the year ended March 31, 2025 (FY2025), JS Solar made a net profit of RM8 million on the back of RM186.53 million revenue. The company has 97 ongoing projects with a total contract value of RM179.72 million, out of which RM35.72 million is the unrecognised revenue.
More than half of the funds to be raised from the IPO have been earmarked for repayment of bank borrowings. The company is also allocating 13% for regulatory fees and renovation costs for the new office and 6% for business expansion and marketing activities.
JS Solar is also setting aside 10% as working capital while the rest will be used to defray listing expenses.
Proceeds from the offer for sale of existing shares, meanwhile, will accrue to JS Solar managing director Chai Jeun Sian and co-founder Low Khiam Leong as well as shareholder Sa Chee Peng and Rantai Inspirasi Sdn Bhd controlled by Ikwan Hafiz Jamaludin.
Ikwan Hafiz is the son of the late Umno politician Tan Sri Jamaluddin Mohd Jarjis.
TA Securities is the principal adviser, sponsor, underwriter and placement agent for the IPO while Eco Asia Capital Advisory is the financial adviser.