The final IPO of Bursa Malaysia in 2024 saw VStar Capital surge by 46%.

VStar Capital opened this morning at 49 sen, entering the Malaysian market with a strong presence, offering a premium of 40% or 14 sen from the initial offering price of 35 sen, with the first trading volume at 4.78 million shares.

CEO Chai Man Fung, after the listing ceremony, told the media: "We are very pleased with today's impressive stock price performance, and this is largely due to the strong support of market investors, allowing us to achieve such outstanding results."

The stock price soared to 56.5 cents on the first day of listing, compared to the initial public offering (IPO) price of 35 cents, an increase of 21.5 cents or 61.43%.

Although the stock price later retreated slightly, it closed at 51 cents, with a premium of 16 cents or 45.71% for the whole day. The trading volume reached 82.36 million shares, making it the second hottest stock of the day.

At the same time, Cai Wenfeng is also optimistic about the company's prospects after listing.

He explained, "The booming domestic construction and property development, as well as the potential opportunities from the National Energy Transition Plan (NETR) for solar energy projects, are all favorable factors that can drive the company's growth."

"We believe that the company will be able to quickly adapt to market changes, develop new products, and expand into new niche markets."

Vestar Capital is a holding company with four subsidiaries engaged in extruding aluminum profiles, manufacturing aluminum ladders, producing aluminum photovoltaic accessories, trading and distributing building materials, and providing installation services for solar photovoltaic systems.

Cai Wenfeng pointed out that with the adjustment of China's government import and export tariffs on aluminum, tin, nickel, and other products, this will be beneficial for the outlook of aluminum prices.

The growth prospects of this aluminum extrusion product manufacturer are naturally closely related to the trend of aluminum prices. With the adjustment of China's policies pushing up aluminum prices, it further drives the company's growth.

"We plan to add four aluminum production lines, which is expected to increase the company's total capacity from the current 6,705 tons per year to 1.5285 million tons per year."

Vestar Capital plans to invest in two new production lines in the second quarter of 2025, while the remaining two lines will be operational in the second quarter of 2026.

At the same time, the newly established CECEP Solar Energy-related business of the company is also highly anticipated, as Gongwang is expected to benefit from the fifth large-scale solar project (LSS5).

"When asked about the current orders for the business, Li Yongzhi, the company's operations director, revealed that due to the convenience of transportation for finished products, the company only accepts purchase orders."

"The reason for adopting this model is that the transportation time for finished products is relatively short, and orders can be shipped the same day, avoiding the risk of price fluctuations. Currently, there are purchase orders worth 1 million Ringgit."

As a CECEP Solar Energy provider for solar energy construction, procurement, construction, and commissioning (EPCC) projects, Vestar Capital will also supply related installation services to Sunview Group and its subsidiaries.

The attendees at the bell-ringing ceremony today included Vestar Capital's Independent Chairman Loretta, Vice Chairman Chua Yuk Chong, Chief Marketing Officer Khoo Yee Cheng, Sunview Group Executive Director Zhou Jianhong, DAS Securities Corporate Financing Manager Ku Wen Fang, and Bursa Malaysia (BURSA, 1818, Main Board Financial Stock) Chairman Tan Sri Datuk Ab Wahid.

DAS Securities is the advisor, sponsor, sole underwriter, and exclusive placement agent for its IPO this time.

With Vestar Capital listing on GEM, this also signifies that the Malaysian stock market welcomed 55 new listed companies this year, exceeding Bursa Malaysia's earlier target of 42, marking a perfect conclusion to the listing boom in 2024.

This is the year with the most IPOs on the Malaysian stock market since 2005.

Currently, two companies are preparing to lead the way for listing in 2025, namely Swift Energy, engaged in industrial automation and electrical systems, and Northern Solar, a solar energy player.

Other companies preparing to list in 2025 include Malaysia's subscription model king CUCKOO International, budget chain retailer Eco-Shop, and renowned chain tea room brand Hua Yang Dining.

Due to the strong momentum of new IPOs and transfers in recent years, the Malaysian stock market's primary market has also ushered in another wave of excitement, hence the Malaysian Exchange has set a target to welcome 50 new IPOs in 2025.