IPO Malaysia 2025 — Performance Review

Sector matters more than market

Semiconductor (THMY +193%) and F&B consumer brands (Oriental Kopi +99%) massively outperformed manufacturing and logistics. In 2026, watch for semiconductor plays — SkyeChip is the biggest tech IPO in years.

ACE Market can beat Main Market

All the best 2025 performers were on ACE Market. Smaller float + retail-heavy investor base = bigger first-day moves. Main Market IPOs like Cuckoo and Pantech were flat or down.

Most IPOs underperform after initial buzz

Of 14 IPOs tracked through March 2025, only 2 were above IPO price. The 'apply and flip' strategy worked for top picks, but holding most IPOs was a losing trade — US tariff uncertainty hit sentiment.

Multiple applications improve chances

The Bumiputera MITI tranche + public balloting gives two separate shots. Apply both channels simultaneously. 70x oversubscribed (Gold Li 2026) means <2% chance — maximise entries.