KUALA LUMPUR: The initial public offering (IPO) market has had a roller-coaster ride this year – a tale of early thrills, mid-year dips and a late surge that restored confidence to the trading floor.
The latest debutant, THMY Holdings Bhd, provided the year’s biggest adrenaline rush, opening 158 per cent above its IPO price of 31 sen and closing the day nearly tripling to 91 sen, a feat unmatched so far in 2025.
OF PEAKS AND PAUSES
The year started strong, with the first seven listings in January and February riding on buoyant sentiment.
Retail favourite Oriental Kopi Holdings Bhd and Swift Energy Technology Bhd drew brisk demand, closing their debut days 98.86 per cent and 41.07 per cent higher, respectively.
By March, momentum began to wane, with listings from April onwards reflecting a mixed tone as investors grew cautious.
The lull stretched into mid-year, until iCents Group Holdings Bhd’s July 17 debut reopened the floodgates, posting a 21 per cent opening premium and closing 41.67 per cent higher.
The spark reignited interest, setting off a rally in subsequent IPOs.
THE REBOUND
From July onwards, the market found its second wind. Cheeding Holdings Bhd, Bursa Malaysia’s 42nd IPO of the year, more than doubled on debut, clocking a 104 per cent first-day gain.
That came after the utilities engineering services firm set a record opening premium of 94.44 per cent, a record swiftly eclipsed by THMY’s blockbuster debut last week.
THMY marked the 10th consecutive IPO to open at a premium since iCents, signalling investors’ renewed appetite for growth stories.
Even so, not all listings stayed above water. Enproserve Group Bhd and UMS Integration Ltd, both mid-year debutants, are now trading 4.17 per cent and 5.6 per cent below their IPO prices, while Express Power Solutions (M) Bhd has drifted back to its 20 sen offer level.
All three were part of the latest 10 IPOs that had started trading with promising opening premiums, only to lose steam in the sessions that followed.
WINNERS AND LAGGARDS
Among Main Market players, Eco-Shop Marketing Bhd and Hi Mobility Bhd stood out, still trading 29.21 per cent and 89.47 per cent above their IPO prices.
In contrast, Saliran Group Bhd and Pantech Global Bhd were among the year’s laggards, closing their debuts at 22.22 per cent and 15.44 per cent discounts, respectively.
ENDGAME IN SIGHT
With 44 out of 60 planned IPOs already listed, 34 on the ACE Market, seven on the Main Market and three on the LEAP Market, the local IPO calendar appears headed for a stronger-than-expected finish.
Still, whether the next 18 listings will sustain THMY’s momentum or mark another turn in the cycle remains the question that will close out this high-voltage trading year.
© New Straits Times Press (M) Bhd
