JS Solar ends first day on ACE Market with 29% gain

Thursday 08 Oct 2026

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(From left) JS Solar Holding Bhd independent non-executive directors Chan Chee Woei, Wong Phait Lee & Wendy Kam, JS Solar promoter and substantial shareholder Ikwan Hafiz Jamaludin, managing director Johnson Chai Jeun Sian, independent non-executive chairman Datuk Ahmad Fauzi Hasan, and substantial shareholder Francis Sa Chee Peng; TA Securities Holdings Bhd executive director of dealing Shaari Mat Hussin, and corporate finance manager Kelly Yeong Kar Ling; as well as Eco Asia Capital Advisory Sdn Bhd MD Kelvin Khoo at JS Solar’s Bursa Ace-Market listing ceremony on Tuesday. (Photo by Zahid Izzani/The Edge)

KUALA LUMPUR (Sept 23): JS Solar Holding Bhd (KL:JSSOLAR), which builds and installs solar panels, surged on its debut on the ACE Market of Bursa Malaysia on Tuesday.

The stock opened at 40 sen, 29% above its initial public offering (IPO) price of 31 sen per share, before climbing to as high as 42 sen, subsequently ending its first ever trading session at 40 sen, with nearly 73 million shares changing hands.

“The listing of JS Solar on the ACE Market of Bursa Securities provides a solid foundation for growth and enables us to tap into the expanding renewable-energy landscape," its managing director Johnson Chai Jeun Sian told reporters during its listing ceremony.

JS Solar mainly provides engineering, procurement, construction and commissioning services and solar photovoltaic systems. The company is also involved in operating and maintaining its clients’ solar systems.

Tuesday’s gain came on the back of renewed interest in new listings, with investor sentiment recovering after a series of weak ACE Market debuts earlier in the year. JS Solar also broke a nearly two-month lull in new listings since Oxford Innotech Bhd’s (KL:OXB) debut at the end of July.

Overall, JS Solar is the 37th company to list on Bursa Malaysia this year.

JS Solar drew heavy demand during its IPO, with the public portion being oversubscribed by more than 48 times.

"We see significant opportunities ahead, anchored by the national target of achieving a 70% renewable-energy share in the electricity supply mix by 2050, and supported by favourable government initiatives," Chai added.

JS Solar has allocated more than half of the RM24.18 million raised from its IPO 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.

The company 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 Chai 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.

Edited ByJason Ng

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