Verdant Solar Holdings Bhd made a strong debut on the ACE Market of Bursa Malaysia today, rising more than 20% above its initial public offering (IPO) price in early trading.
At 9.33 am, the counter climbed 6.5 sen or 20.97% to 37.5 sen, with over 78.3 million shares traded. The stock opened at 37 sen, reaching a high of 38.5 sen and a low of 36 sen.
Verdant Solar’s IPO was priced at 31 sen per share, valuing the company at around RM247 million upon listing. The renewable energy solutions provider’s listing attracted overwhelming investor interest, with its public issue oversubscribed by 39.6 times.
According to Malaysian Issuing House Sdn Bhd, Verdant received 16,737 applications for 1.66 billion new shares from the public, well above the 40.88 million shares offered under the retail portion.
The Bumiputera portion was oversubscribed 33.72 times, while the other Malaysian public portion saw an even higher rate of 45.47 times.
Verdant’s IPO involved 215.59 million shares, comprising a public issue of 142 million new shares and an offer for sale of 73.59 million existing shares. Mercury Securities Sdn Bhd acted as the Principal Adviser, Sponsor, Sole Underwriter, and Sole Placement Agent.
Verdant Solar provides rooftop solar photovoltaic (PV) system solutions for residential and commercial clients, and its listing reflects growing investor appetite for renewable energy players amid Malaysia’s transition toward a greener economy.
Lim Tzer Haur, Managing Director of Verdant Solar Holdings Bhd, expressed his pride in the achievement of the Company’s IPO, “Today marks a major milestone as we debut on the ACE Market of Bursa Malaysia Securities Bhd. This listing represents a significant step forward for Verdant as one of Malaysia’s top residential solar EPCC contractors”.
“We are excited by the encouraging response to our IPO, which was oversubscribed by almost 40 times. With this support, we have raised RM44.02 million to help the Company strengthen our market presence and further expand our business,” he further added.
The stock continued to trade actively in the morning session as investors took positions in the newly listed clean energy counter.
