[Bursa Malaysia IPO Wave] IPOs Split the Market — Five Top Winners See Shares Double

(Kuala Lumpur, 26th) With Huashang Green Energy (GENERGY, 5343, Main Market Energy) listing on the 11th, Bursa Malaysia recorded a total of 60 IPOs in 2025—up from 55 last year and the highest annual tally since 2005, when 79 companies went public.

By market segment, the 60 listings comprised 11 on the Main Market, 44 on ACE Market, and five on the LEAP Market.

Despite the record number of listings, post-IPO performance has been sharply polarised. Based on a compilation by Oriental Daily’s business desk, as of Dec 11 and excluding LEAP companies, only about one-third of the 55 newly listed stocks delivered positive returns—while only a small handful generated standout gains.

The top performers were THMY Holdings (THMY, 0375), KOPI (KOPI, 0338), IAB Group (IAB, 0376), Cheeding Holdings (CHEEDING, 0372) and LSH Capital (LSH, 0351). All five, listed on the ACE Market, have more than doubled since debut, with cumulative gains ranging from roughly 115% to nearly 190%.

HI Mobility (HI, 5335, Main Market Consumer) rose 94%, making it the only Main Market name to enter the year’s top-10 IPO gainers list. Other notable gainers include ICENTS Group (ICENTS, 0366) up 75%, CBH Engineering (CBHB, 0339) up 55%, TECHSTORE (TECHSTORE, 0343) up 50%, and Foodie Media (FOODIE, 0382) up 38%.

On the other hand, “breaking issue price” has become the more common outcome, with roughly two-thirds of the new listings trading below their IPO prices. The steepest decliners tend to share similar traits: smaller scale, limited earnings visibility, weaker narratives, and a lack of post-listing earnings support or catalysts.

Among the top-10 decliners, SumiSaujana Group (SUMI, 0349) was the weakest. The stock debuted on April 9 amid a global market sell-off, opening at 18 sen—25% below its 24-sen IPO price. Its rebound peak reached only 20.5 sen, still below the offer price. Post-listing results also deteriorated: while the pre-listing financials showed RM6.64 million in profit, earnings fell for three consecutive quarters, with the latest profit at just RM0.11 million. The share price sank to as low as 8 sen—down 66.67% from IPO—and remained 62.50% lower as of Dec 11.

The second-largest decliner was MSB Group (MSB, 0350), which opened below its 20-sen IPO price and slid from a first-day high of 18 sen to 8 sen by Dec 11, a cumulative drop of 60%.

On the Main Market, CKI International (CKI, 5336, Consumer) was among the biggest disappointments, halving from its IPO price to 54 sen. Its listing was delayed and repriced—cutting the IPO price from RM1.29 to RM1.08 and pushing the listing date from April 30 to June 24. Even so, the stock briefly touched RM1.11 on debut before reversing sharply and trending lower, down 50% as of Dec 11.

With IPOs coming in rapid succession, investors have become more selective, and the market’s bar for fundamentals, narrative durability and earnings delivery has risen. Ultimately, a stock’s post-IPO stability may depend less on debut-day excitement and more on consistent execution—and whether investors are willing to pay up and stay patient.