As of 31st March 2025, a total of 14 IPOs have already been listed on Bursa Malaysia (including both the Main Market and ACE Market). Bursa Malaysia is targeting at least 60 IPOs this year, which means another 46 IPOs are expected to be launched over the next 9 months.
In this article, we’ll take a closer look at some of the 14 IPOs listed so far. First, let’s summarise their current performance: out of the 14 IPOs, only 2 are currently trading above their IPO price — Oriental Kopi Holdings Berhad and HI Mobility Berhad. One IPO, Colform Group Berhad, remains unchanged from its IPO price. The remaining 11 IPOs are currently trading below their IPO prices.
Now, let’s examine how these 14 IPOs performed on their first day of listing based on closing price changes.
According to the data, 8 IPOs closed above their IPO price on Day 1, 5 IPOs closed below, and 1 IPO closed exactly at the IPO price.
Comparing first-day performance with the year-to-date (YTD) performance as of 4th April 2025, it’s clear that the IPOs generally did better on their listing day. On Day 1, 8 IPOs closed above their IPO price, while as of now, only 2 remain above. This shows that more than half of the IPOs had a strong debut but have since declined in price.
Why IPOs are on downtrend YTD?
Let’s take a look at why Malaysia’s IPOs are on a downtrend YTD. Is it due to company fundamentals? Or is it driven by macroeconomic factors? Let’s discuss.
Putting company fundamentals aside, let’s focus on the macroeconomic situation. As we know, President Trump introduced his tariff plan in early March 2025. Since mid-February, both the Malaysian and U.S. stock markets have experienced a sharp decline. When the tariff plan took effect in early March, market conditions became even more turbulent and uncertain. The overall macroeconomic situation worsened further the day after the tariffs were announced on 2nd April 2025.
If we link the broader economic landscape to the performance of Malaysia’s IPOs, we can better understand the reasons behind this downtrend. When the macroeconomic environment is unstable, investors—both institutional and retail—tend to adopt a more cautious approach. Many may sell off investments to hold more cash, anticipating further market declines.
In short, IPO performance this year has not been favorable. For the upcoming IPOs set to list in April, such as Sumisaujana Group Berhad, MSB Global Group Berhad, and Cuckoo International (Mal) Berhad, market sentiment is likely to remain negative. As a result, first-day performance could be affected.
Let’s continue to monitor the market—who knows, a rebound might be just around the corner!
Previous IPO Summary
For those who missed out or interested to read more about the Oriental Kopi Holdings Berhad and HI Mobility Berhad IPO prospectus summary, you may click the link below:
Oriental Kopi Holdings Berhad:
HI Mobility Berhad: