This article first appeared in The Edge Malaysia Weekly on September 15, 2025 - September 21, 2025

The share price performance of new initial public offerings (IPOs) on Bursa Malaysia this year has been mixed. Of the seven Main Market listings so far, only two were trading above their IPO price as at Sept 10, while five had slipped into negative territory.

The picture on the ACE Market is also uneven. Of the 29 listings, only 11 are above water, two are unchanged while the remaining 16 are in the red — some by double-digit percentages.

Most counters that debuted between March and mid-July saw weak first-day performances, weighed down by market uncertainty over US tariffs. Even CUCKOO International (MAL) Bhd (KL:CKI), which delayed its IPO from April to June, ended its maiden trading day flat.

This lacklustre sentiment has led to Bursa Malaysia’s first notable pause in new offerings since the Covid-19 pandemic, with no IPOs launched since Oxford Innotech Bhd’s (KL:OXB) debut at end-July.

Following a two-month drought, JS Solar Holding Bhd and Express Powerr Solutions (M) Bhd are scheduled to list this month, followed by Camaroe Bhd in October.

Activity is picking up. Just last week alone, RNG Tech Bhd, Inspace Creation Bhd and 5E Resources Holdings Bhd filed draft prospectuses for ACE Market listings, while THMY Holdings Bhd and Verdant Solar Holdings Bhd signed underwriting agreements with their sponsors and principal advisers.

OCK Group Bhd (KL:OCK) has also proposed spinning off its energy solutions arm EI Power Technologies for an ACE Market listing.

The Main Market pipeline is equally strong, with MMC Port Holdings Bhd, Loob Bhd, LAC Med Bhd, Geohan Corp Bhd, Orkim Bhd and Wasco Greenergy Bhd waiting in the wings.

In addition, the much-anticipated listings of Sunway Healthcare Holdings Bhd and Aquawalk Group Bhd are also on the cards.

Nevertheless, the IPO momentum cannot be measured by how many counters are added to the boards. What matters is whether these companies bring earnings visibility and real value.

Bursa may well hit its target of 60 IPOs this year, but the real test is whether they are worth investors’ time and money.

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