KUALA LUMPUR (Oct 9): Verdant Solar Holdings Bhd’s initial public offering (IPO) has been oversubscribed by 39.6 times ahead of its listing on the ACE Market of Bursa Malaysia on Oct 22.
The solar panel company received 16,737 applications for 1.66 billion shares, far exceeding the 40.88 million shares offered to the Malaysian public.
- Bumiputera portion: 7,578 applications for 709.78 million shares (33.72 times oversubscribed)
- Other public portion: 9,159 applications for 949.81 million shares (45.47 times oversubscribed)
Meanwhile, all 25 million shares set aside for eligible staff and contributors were fully subscribed.
The private placement of 76.12 million new shares and 73.59 million existing shares was also fully taken up. Allotment notices will be sent by Oct 17.
Verdant Solar’s IPO consists of 142 million new shares and 73.59 million existing shares offered via private placement.
Priced at 31 sen per share, the IPO is expected to raise RM66.8 million — RM44 million from the new shares and RM22.8 million from the sale of existing shares.
Proceeds will be used for expansion plans including new branches in Melaka, Ipoh, and Kuantan, potential mergers and acquisitions, upgrading digital infrastructure, as well as working capital and listing expenses.
Mercury Securities is the adviser, sponsor, underwriter, and placement agent.