PETALING JAYA: Verdant Solar Holdings Bhd today launched its initial public offering (IPO) prospectus for its proposed listing on the ACE Market of Bursa Malaysia Securities on Oct 22.

Verdant Solar, which provides engineering, procurement, construction and commissioning and operations and maintenance services for solar photovoltaic systems in Malaysia, aims to raise an estimated RM44.02 million through the issuance of 142 million new ordinary shares at an IPO price of 31 sen per share.

Based on the enlarged issued share capital of 817,618,243 shares and the IPO price, Verdant Solar’s market capitalisation will be about RM253.46 million.

Proceeds from the IPO will be channelled towards supporting Verdant Solar’s business expansion. Of the total, 31.8% has been earmarked to finance the establishment of branch offices to better serve its customers; 22.72% will be allocated for expansion through strategic investments, mergers and acquisition opportunities; and 8.63% will be utilised to enhance the Company’s digital infrastructure to strengthen operational excellence. The balance will be applied towards general working capital and listing-related expenses.

Managing diector Lim Tzer Haur said they plan to strengthen their market presence through new branch offices in Malacca, Kuantan and Ipoh, expand through strategic investments as well as mergers and acquisitions, and enhance their digital infrastructure, including their ERP and CRM systems as well as the Verdant Home App.

Applications for Verdant Solar’s IPO will close on Oct 7 at 5pm.

Mercury Securities Sdn Bhd is the IPO’s principal adviser, sponsor, sole underwriter and sole placement agent.

 Business