KUALA LUMPUR: ACE Market-bound JS Solar Holding Bhd aims to raise RM24.18mil to fund expansion and strengthen its solar photovoltaic (PV) business.

JS Solar, through its subsidiaries, principally delivers comprehensive engineering, procurement, construction, and commissioning (EPCC) and contracting services for solar PV systems, complemented by operations and maintenance (O&M) services.

In a statement, JS Solar said that of the RM24.18mil initial public offering (IPO) proceeds, RM12.72mil, or 52.6%, 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.

JS Solar said the IPO exercise will comprise a public issue of 78 million new ordinary shares, representing 24% of the company’s enlarged issued share capital, along with an offer for sale of 19.5 million existing shares, or 6% of the enlarged share capital.

“The launch of our prospectus today marks a key milestone for JS Solar as we move into the next phase of our 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,” managing director Johnson Chai Jeun Sian said.

As at July 31, the group recorded an unbilled order book of RM39.74mil, comprising RM34.33mil 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 the 50MWac Kulim Hi-Tech Park and 5.9MWac Tawau projects, alongside steady C&I contributions.

Profit after tax rose from RM0.96mil to RM8mil, a CAGR of 188.7%.

Upon listing, JS Solar is expected to have a market capitalisation of RM100.75mil, based on its enlarged issued share capital of 325.00 million shares and an IPO price of RM0.31 per share.

Applications for the public issue open today and close on Sept 9 at 5 pm, with JS Solar scheduled to debut on the ACE Market of Bursa Securities on Sept 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.