ACE Market-bound Northern Solar aims to raise RM42.4mil from IPO

From left: Northern Solar Holdings Bhd chairman Amirul Azhar Baharom, Northern Solar executive director Edward Chew, Norwatt Power Sdn Bhd shareholder Tengku Arif Temenggong Tengku Fahad Mua'adzam Shah ibni Almarhum Sultan Haji Ahmad Shah, Northern Solar managing director Lew Shoong Kai, M & A Equity Holdings Bhd managing director Datuk Bill Tan and M & A Securities Sdn Bhd head of corporate finance Gary Ting.

KUALA LUMPUR: Northern Solar Holdings Bhd is set to raise RM42.4mil through its initial public offering (IPO), ahead of its listing on Bursa Malaysia’s ACE Market on Feb 6, 2025.

The solar renewable energy specialist plans to use RM29.2mil (68.8%) of the proceeds raised from the IPO for working capital purposes to expand its solar photovoltaic (PV) systems business.