KUALA LUMPUR (Sept 8): Solar photovoltaic (PV) solutions provider Verdant Solar Holdings Bhd on Monday signed an underwriting agreement with Mercury Securities Sdn Bhd for its proposed initial public offering (IPO) on the ACE Market of Bursa Malaysia, expected by October this year.
Mercury Securities is the principal adviser, sponsor, sole underwriter and placement agent for the IPO.
Founded in 2015, Verdant Solar focuses on installing solar PV systems for homes. It was recognised by the Malaysia Book of Records for the most home installations from 2022 to 2024.
Proceeds from the IPO will be used to expand its branch in Melaka, Kuantan and Ipoh, for strategic investments including mergers and acquisitions, and to enhance digital infrastructure. Part of the funds will also go towards working capital and listing expenses.
Verdant Solar’s IPO will comprise a public issuance of 142 million new shares, representing 17.37% of its enlarged issued shares. There will also be an offer for sale of 73.59 million existing shares to selected investors, representing about 9% of its enlarged issued shares.
Out of the 142 million shares, 40.88 million shares are available to the Malaysian public via balloting, 25 million shares to its eligible directors, employees as well as persons who have contributed to the company’s success. The remaining 76.12 million shares, meanwhile, will be made available to selected investors.