Wasco Greenergy Berhad (Greenergy) has released its IPO prospectus, kicking off a RM75 million fundraising exercise to accelerate the growth of its renewable steam energy business ahead of its listing on Bursa Malaysia’s Main Market, reports Business Today.
Of the total proceeds, RM43.7 million will be directed toward business expansion through new investments, acquisitions and strategic partnerships, particularly in biomass steam power plant ownership and the company’s planned expansion into Indonesia.
Another RM17.5 million will be used for operational enhancements, including the purchase of new equipment, upgrades to its headquarters and digitalisation efforts. Greenergy has allocated RM4 million for research and development, while the balance will cover listing-related expenses.
Priced at RM1 per share, the IPO values Greenergy at RM500 million upon listing.
Greenergy, rooted in strong engineering expertise, has emerged as one of Malaysia’s prominent providers of renewable steam energy systems, helping industrial users reduce emissions and support their net-zero targets.
Operating from its Shah Alam manufacturing hub, the company offers full EPCC services for biomass boilers, gas-fired boilers and HRSG systems. It also supplies Shinko steam turbine generators, provides palm oil milling machinery and delivers after-sales support.
Greenergy currently holds 16.8% of the domestic steam turbine market and 14.1% of the biomass steam system market. In Indonesia, it commands about 22% of the steam turbine segment.
Chief executive officer Lee Yee Chong said the IPO represents a major milestone as the company strengthens its role in the regional clean energy transition.
“This IPO will support our strategy to expand biomass steam energy solutions and contribute to industrial decarbonisation and energy efficiency in Malaysia and neighbouring markets. With the support of our shareholders and partners, we are well-positioned to continue strengthening our regional presence and pursue our growth plans in a responsible and sustainable manner,” he said.
CIMB Investment Bank Bhd is serving as the principal adviser and managing underwriter, with CIMB Investment Bank Bhd and Maybank Investment Bank Bhd acting as joint bookrunners and joint underwriters. CGS International Securities Malaysia Sdn Bhd is also a joint bookrunner.
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