KUALA LUMPUR: Verdant Solar Holdings Bhd has taken a significant stride toward its proposed listing on Bursa Malaysia’s ACE Market by signing an underwriting agreement with Mercury Securities Sdn Bhd.
Under the initial public offering (IPO), the solar energy solutions firm plans to issue 142 million new ordinary shares, representing around 17.4 per cent of its enlarged share capital.
The IPO also includes an offer-for-sale by existing shareholders totaling 73.59 million shares, or nearly nine per cent of the enlarged capital.
Of the new shares, the allocations include 40.88 million for public subscription, 25 million reserved for eligible directors, employees and key contributors and 76.12 million via private placement to selected investors.
Mercury Securities will underwrite 65.88 million issue shares, comprising 40.88 million shares made available to the Malaysian public via balloting, and 25 million shares allocated for eligible directors, employees and contributors to the success of Verdant and its subsidiaries.
Verdant Solar has steadily expanded its footprint in the solar photovoltaic (PV) sector since 2015, from residential system supply to engineering, procurement, construction and commissioning services in 2019 and launching operations and maintenance ervices in 2023.
As of end-February 2025, the firm had installed a total capacity of 55.64 MWp across residential properties.
For its financial year ending June 30, 2024, Verdant Solar posted a net profit of RM6.65 million on revenue of RM56.28 million, with a gross profit margin of 35.11 per cent and pre-tax profit margin of 15.67 oper cent, signaling robust operating efficiency.
The company is expected to be listed in October.
Verdant Solar Holdings Bhd has taken a significant step towards its initial public offering (IPO) with the signing of an underwriting agreement with Mercury Securities Sdn Bhd, in conjunction with its proposed listing on the ACE Market of Bursa Malaysia.
The company said it will be offering a total of 142 million new ordinary shares under its IPO exercise.
Of these, it said Mercury Securities will underwrite 65.88 million issue shares, comprising 40.88 million shares made available to the Malaysian public via balloting, and 25 million shares allocated for eligible directors, employees and contributors to the success of Verdant and its subsidiaries.
“The remaining 76.12 million issue shares will be placed out privately to selected investors,” it said.
The IPO also includes an offer for sale of 73.59 million existing shares by way of private placement to selected investors.
Verdant, established in 2015, is principally involved in delivering turnkey solar PV projects, covering design, engineering, equipment procurement, on-site installation, testing, commissioning and after-sales O&M services via its Verdant Home App.
According to Verdant, the proceeds from the IPO will be utilised to fund business expansion, including new branch offices in Melaka, Kuantan and Ipoh, as well as strategic investments, mergers and acquisitions.
It said funds will also be used to upgrade digital infrastructure, working capital requirements and listing expenses.
The company is expected to be listed in October 2025. Mercury Securities Sdn Bhd is the IPO’s principal adviser, sponsor, sole underwriter, and sole placement agent.
© New Straits Times Press (M) Bhd
