KUALA LUMPUR: Rooftop solar panel installer Verdant Solar Holdings Bhd is seeking to list on the ACE Market of Bursa Malaysia to raise funds for expansion.
According to its draft prospectus, Verdant Solar will offer 142 million new shares, or 17.37% of its enlarged issued share capital, through its initial public offering (IPO).
At the same time, the company’s existing shareholders will offer 73.59 million shares, or about 9% of its enlarged issued share capital.
Of the new shares offered, 40.88 million shares are for public subscription, 25 million shares are for qualified persons, and 76.12 million shares are for private placement to specific investors.
Verdant Solar has been in the solar photovoltaic (PV) industry since 2015, initially focusing on selling residential solar PV systems and solar ventilators.
The company later expanded its business to engineering, procurement, construction and commissioning services in 2019, followed by operations and maintenance services in 2023.
As of the end of February 2025, Verdant Solar has installed a total of 55.64 megawatts of peak solar panels in residential areas.
Mercury Securities is the lead advisor, sponsor, underwriter and placement agent for Verdant Solar’s IPO.
