Verdant Solar Jumps 19% In Debut Trading On ACE Market

KUALA LUMPUR, Verdant Solar Holdings Bhd surged 19% in its first day of trading on the ACE Market on Wednesday, as investors snapped up shares of the solar panel installer ahead of its market debut.

The stock opened at 37 sen, above its initial public offering (IPO) price of 31 sen per share, reaching an intraday high of 38.5 sen and trading at 38 sen at 9.10am, with more than 49 million shares changing hands.

The strong debut comes after a highly oversubscribed IPO, where retail investors applied for nearly 40 times more shares than available, reflecting confidence in the growing demand for renewable energy solutions.

“Every step of our mission has been clear: to reduce electricity costs through world-class solar solutions that promote sustainable living, while providing the best customer experience,” said managing director Lim Tzer Haur during the listing ceremony.

Founded in 2015, Verdant Solar initially focused on marketing solar systems for residential properties before expanding into engineering, procurement, construction, and commissioning (EPCC), as well as operations and maintenance.

The IPO raised approximately RM44 million for Verdant Solar, with an additional RM22.8 million gained by Lim, his spouse Ng Kel Mynn, and substantial shareholder Ong Hsiao Loong from partial share sales, bringing total proceeds to RM66.8 million.

The company, valued at RM311 million based on its last traded price, plans to reinvest earnings into growth and does not intend to pay dividends in the near term. Mercury Securities acted as the principal adviser, sponsor, underwriter, and placement agent for the IPO.

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