2025 Q3 Bursa IPO Recap, Best-Performing Stock Has Doubled Since Listing

Moomoo IPO Hub wrote a column · Sep 30 01:42

As the third quarter of 2025 draws to a close, Malaysia’s IPO market is showing renewed vigor after nearly two months of subdued activity. The recent listings of JS Solar $JSSOLAR (0369.MY)$ on September 23 and Express Powerr $XPB (0370.MY)$ on September 24 have injected fresh optimism, with both stocks posting solid gains on their trading debuts—up more than 29% and 12.5%, respectively. This raises the question: Is the IPO rally making a comeback?

2025 Q3 Bursa IPO Recap, Best-Performing Stock Has Doubled Since Listing

Let’s take a closer look at the performance of companies that have gone public this quarter. Among the eight listings, Icents Group $ICENTS (0366.MY)$ stands out, delivering both the highest first-day gains and the strongest returns since listing. Icents Group Holdings Bhd is involved in the provision of cleanroom services comprising EPCC of cleanrooms, construction of cleanrooms, and other activities. Bursa IPO Factsheet (iCents Group)

The impressive returns of some recent listings bring to mind Kopi $KOPI (0338.MY)$ , which went public earlier this year. The stock has been on a remarkable run—from around RM0.80 in August to RM1.41 in less than two months. This surge appears closely tied to the company’s aggressive store expansion, which has exceeded expectations. At the time of its IPO, Kopi operated 20 stores; it has since grown to 31. Still, investors should monitor whether this physical growth translates into proportional gains in revenue and earnings—critical supports for its current valuation.

Short-term IPO sentiment often mirrors broader market conditions, and the recent stabilization of the $FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$, hovering around the 1,600-point mark—suggests a gradual recovery. With the U.S. Federal Reserve entering a rate-cut cycle and the impact of U.S. tariffs fading, the overall market environment is shifting toward stability and optimism. In such a climate, companies planning to list are likely to time their IPOs to capitalize on improved investor appetite, which often leads to better pricing. The improving trend in IPO performance also reflects growing investor confidence in the economy and a willingness to shift cash into equities.

Another notable trend is the relatively conservative valuation of recent IPOs, with price-to-earnings (P/E) multiples averaging around 13x—a cautious approach likely influenced by the tepid market conditions of the past two months. While this offers investors an opportunity to acquire promising companies at attractive prices, a prudent long-term strategy requires looking beyond entry points alone.

Ultimately, sustainable returns hinge on solid fundamentals. As sound investment principles suggest, a quality company is defined by its growth potential, sustainable profitability, robust financials, strong industry positioning, capable management, and shareholder-friendly policies. However, even the most promising businesses must be purchased at reasonable valuations—buying at the right price remains essential to maximizing returns. For those considering IPO investments, a thorough review of the prospectus is the most direct way to assess both the company's foundational health and whether its valuation justifies the investment.

With several more companies poised to debut in the coming weeks, the question remains: Will you be subscribing?

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