(From left) Northern Solar Holdings Bhd chairman Amirul Azhar Baharom, executive director Edward Chew, Norwatt Power Sdn Bhd shareholder Tengku Arif Temenggung Tengku Fahad Mua’adzam Shah Al-Marhum Sultan 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 corporate finance head Gary Ting.
KUALA LUMPUR: ACE Market-bound Northern Solar Holdings Bhd’s initial public offering (IPO) for the public portion has been oversubscribed by 73.20 times.
In a statement today, the solar renewable energy company said it received 25,772 applications for 1.47 billion shares valued at RM924.59 million, compared to the 67.3 million shares available for public subscription.
"The Bumiputera public portion of shares was oversubscribed by 62.50 times, after a total of 11,865 applications for 628.04 million new shares received.
"For the non-Bumiputera public portion, a total of 13,907 applications for 839.56 million new shares were received, which represents an oversubscription rate of 83.89 times,” said Northern Solar.
The IPO also included a pink form allocation of 7.9 million shares for eligible directors, employees, and contributors to the company, which was fully subscribed.
Northern Solar managing director Lew Shoong Kai said that with the IPO funds in place, the company is well-positioned to implement its expansion plans and capitalise on the growth opportunities in the solar renewable energy sector.
"It will also support the company’s geographical expansion in the northern and southern regions of Malaysia, primarily in Penang, Perak, Kedah, Perlis and Sabah, as well as expand our existing office in Johor,” he said.
The company will issue 67.3 million new shares at RM0.63 each, aiming to raise RM42.4 million, while existing shareholders will also sell 35.6 million shares through private placement.
Northern Solar is expected to list on the ACE Market of Bursa Malaysia on Feb 6, 2025, with an enlarged share capital of 395.6 million shares and an estimated market capitalisation of RM249.2 million. - Bernama
