Kuala lumpur: Wasco Greenergy Bhd (Greenergy) has entered into an underwriting agreement with CIMB Investment Bank Bhd (CIMB IB) and Maybank Investment Bank Bhd (Maybank IB) in preparation for its impending initial public offering (IPO) on the Main Market of Bursa Malaysia Securities Bhd.
According to BERNAMA News Agency, Greenergy, the renewable energy division of the Wasco Bhd group, is slated to make its market debut in December 2025. The company focuses on providing biomass steam energy systems, heat recovery steam generators, steam turbine generator systems, gas-fired steam energy systems, and various palm oil milling equipment.
The company has announced that the IPO will involve up to 150 million ordinary shares. This includes a public issue of 75 million new shares and an offer for sale of up to 75 million existing shares, representing up to 30 percent of the group’s enlarged issued share capital.
The IPO structure will consist of an institutional offering of up to 119.50 million shares, which includes 75 million offer shares and 44.50 million issue shares aimed at Malaysian institutional and selected investors, as well as Bumiputera investors sanctioned by the Ministry of Investment, Trade and Industry (MITI). Additionally, the retail offering will include 30.50 million issue shares available to eligible directors and employees of Greenergy and its subsidiaries, eligible directors, employees and entitled shareholders of Wasco Bhd, and the Malaysian public, with the retail price to be determined.
Lee Yee Chong, the chief executive officer of Greenergy, stated that the IPO marks a new chapter for the company as it aims to expand its capabilities and enhance its influence in the regional renewable energy sector. He expressed confidence in the company’s ability to deliver innovative and sustainable energy systems, aligning with Malaysia’s and the region’s transition towards cleaner energy.
CIMB IB will act as the principal adviser and managing underwriter, while both CIMB IB and Maybank IB will serve as joint bookrunners and joint underwriters for the IPO.