Malaysia''s Energy Transition-Driven IPO Boom: A Convergence
Malaysia''s energy transition is no longer a theoretical exercise but a policy-driven, market-enabled reality. For investors, the confluence of structural reforms, ESG momentum,
Northern Solar, which is scheduled to list on the ACE Market of Bursa Malaysia Securities Berhad on 6 February 2025, aims to raise RM42.4 million from its IPO. Under the listing exercise, Northern Solar is issuing 67.3 million new shares, representing 17.0% of the enlarged share capital at an issue price of RM0.63 per share.
This article first appeared in Capital, The Edge Malaysia Weekly on February 3, 2025 - February 9, 2025 NORTHERN Solar Holdings Bhd, a solar renewable energy (RE) specialist, is set to debut on Bursa Malaysia this Thursday (Feb 6), marking the fourth Ace Market listing this year.
The public portion of Northern Solar's IPO was oversubscribed by 73.2 times. Of the RM42.37 million raised from the public issue of the IPO, more than half — or RM29.17 million — was earmarked for working capital purposes while RM5.5 million is to repay bank borrowings and RM4.55 million is for listing-related expenses.
“With the IPO proceeds, Northern Solar will be in a better position to tender and expand its portfolio in the engineering, procurement, construction and commissioning (“EPCC”) of solar PV systems segment.
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