PETALING JAYA: Verdant Solar Holdings Bhd, a provider of engineering, procurement, construction and commissioning (EPCC) and operations and maintenance (O&M) services for solar photovoltaic (PV) systems in Malaysia, has taken a significant step towards its initial public offering (IPO) journey.
The group signed an underwriting agreement with Mercury Securities Sdn Bhd for its listing on the ACE Market of Bursa Malaysia.
Verdant’s IPO involves the public issuance of 142 million new ordinary shares.
Of these, 65.88 million shares are underwritten by Mercury Securities, including 40.88 million shares for public subscription via balloting, and 25 million shares reserved for eligible directors, employees, and key contributors. The remaining 76.12 million shares will be privately placed to selected investors.
Proceeds from the IPO will be utilised to fund the group’s business expansion, which includes the establishment of branch offices in Malacca, Kuantan and Ipoh to serve customers in these areas.
Furthermore, the company will undertake strategic investments, explore mergers and acquisitions opportunities, and enhance its digital infrastructure to strengthen operational excellence.
The remaining proceeds will be used for working capital and listing expenses.
Verdant managing director Lim Tzer Haur said the signing of the underwriting agreement marks a new chapter in the group’s journey.
“At Verdant, our journey since 2015 has been defined by our experience in delivering high-quality solar PV system projects for residential properties, which has contributed significantly to our growth and reputation as a trusted end-to-end solar solutions and services provider.
“For over a decade, we have remained committed to ensuring a seamless experience for our customers, driven by our mission to make solar accessible to everyone,“ he said in a statement.
As an EPCC contractor, Verdant provides end-to-end delivery of turnkey solar PV projects, from initial design and engineering to equipment procurement, on-site installation, testing and commissioning, and after-sales O&M services through the Verdant Home App.
Other services include the trading of solar products, including its in-house brand of solar ventilation systems, Verdant Star.
“As we progress toward our IPO, it will not only strengthen our foundation but also enhance our ability to deliver greater value to our customers and stakeholders. As we look ahead, we remain committed to advancing our vision of making sustainable energy accessible and impactful for communities nationwide,“ Lim said.
The company is expected to be listed in October.
Mercury Securities Sdn Bhd is the IPO’s principal adviser, sponsor, sole underwriter, and sole placement agent.
