KUALA LUMPUR, 22 January – Northern Solar Holdings Bhd’s initial public offering (IPO) for the public portion has been oversubscribed by 73.20 times, indicating strong interest ahead of its ACE Market debut.
In a statement, the company said it received 25,772 applications for 1.47 billion shares worth RM924.59 million, significantly exceeding the 67.3 million shares offered to the public.
The Bumiputera portion was oversubscribed by 62.50 times, with 11,865 applications for 628.04 million shares, while the non-Bumiputera portion saw 13,907 applications for 839.56 million shares, an oversubscription rate of 83.89 times.
A further 7.9 million shares allocated under the pink form scheme for directors, employees, and eligible contributors were fully subscribed.
Managing Director Lew Shoong Kai stated that the IPO proceeds will support the company’s business growth and geographical expansion.
“The funds will be directed toward expanding our presence in the northern and southern regions of Malaysia, including Penang, Perak, Kedah, Perlis, and Sabah, and enhancing our Johor office operations,” he added.
The IPO involves the issuance of 67.3 million new shares at RM0.63, expected to raise RM42.4 million, alongside a private placement of 35.6 million existing shares.
Northern Solar is scheduled to list on February 6, 2025, with a projected market capitalisation of RM249.2 million, based on an enlarged share capital of 395.6 million shares.
