PETALING JAYA, Verdant Solar Sdn Bhd has signed an underwriting agreement with Mercury Securities Sdn Bhd for its upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities.
The solar solutions provider said the deal marked a key milestone in its journey towards becoming a listed company, paving the way for greater visibility and growth opportunities. Under the agreement, Mercury Securities will act as the principal adviser, sponsor, underwriter and placement agent for Verdant Solar’s IPO exercise.
Verdant Solar Holdings Bhd managing director Lim Tzer Haur (left) and Mercury Securities Sdn Bhd managing director Chew Sing Guan (right).
Verdant Solar, which specialises in residential and commercial rooftop solar solutions, said the listing will enable the group to raise funds for business expansion, working capital and to strengthen its market presence in Malaysia’s renewable energy sector. Chief executive officer Johnathan Tan said the IPO will accelerate Verdant Solar’s mission of making clean energy accessible and affordable.
“With rising adoption of renewable energy and strong policy support, we believe this is the right time for us to scale our business and bring more innovative solar solutions to the market,” he said. The company has installed more than 50 megawatts (MW) of solar capacity to date and aims to expand its footprint further across Malaysia.
Analysts said Verdant Solar’s IPO comes at an opportune time, as demand for rooftop solar continues to gain momentum in line with Malaysia’s National Energy Transition Roadmap (NETR). The listing is expected to take place by year-end, subject to approval from Bursa Malaysia and the Securities Commission.
