From left: Ong Hsiao Loong, substantial shareholder of Verdant Solar Holdings; Chew Sing Guan，managing director of Mercury Securities Sdn Bhd; Po Yih Ming, independent non-executive director of Verdant Solar Holdings; Ng Kel Mynn, non-independent executive director; Lim Tzer Haur, managing director; Jeremy Ong, independent non-executive chairman; Kee Tze Hui, non-independent executive director/chief operating officer; Geetha Kandiah, independent non-executive director; Fadli Riza Ramli, independent non-executive director; and Eric Chong Soo Keng, head of corporate finance of Mercury Securities
KUALA LUMPUR: The trading stock in solar panel installer Verdant Solar Bhd jumped 19.35% on its ACE Market debut, following an initial public offering (IPO) that raised RM44.02mil for expansion funding.
The share, which was the most actively traded on Bursa Malaysia from the get-go, was crossed for 37 sen, a six sen increase over its IPO price of 31 sen.
As at 9.21am, the stock had seen over 63 million units transacted.
Verdant Solar claims a 10.9% market share in the domestic solar industry, based on the installed capacity of newly built residential solar photovoltaic installations nationwide.
It plans to further grow this market presence, with expansion in Peninsular Malaysia and digitalisation plans.
The company also plans to expand through strategic investments, mergers and acquisitions.
Further to this, it has allocated 31.8% of the gross proceeds of the IPO to finance new branch offices in Melaka, Kuantan and Ipoh, and 22.72% to investments.
A further 8.63% will go towards enhancing its digital infrastructure. The remainder will go towards general working capital and listing-related expenses.
