Principal Activity:

Northern Solar and its subsidiaries are principally involved in the engineering, procurement, construction and commissioning (EPCC) of solar PV systems, generation of renewable energy as well as operations and maintenance of solar PV equipment and systems.

Shares to be issued/offered:

IPO in conjunction with the listing of Northern Solar on the ACE Market comprising:

(i) Public issue of 67,252,000 new ordinary shares in SKL (“Shares”) in the following manner:

19,780,000 new Shares available for application by the Malaysian public;
7,912,000 new Shares available for application by the eligible directors, employees and persons who have contributed to the success of Northern Solar Group; and
39,560,000 new Shares by way of private placement to Bumiputera investors approved by Ministry of Investment Trade and Industry ("MITI"); and
(ii) Offer for sale of 35,604,000 existing Shares by way of private placement:

9,890,000 existing Shares to Bumiputera investors approved by MITI; and
25,714,000 existing Shares to selected investors

https://theedgemalaysia.com/node/738131

ACE Market-bound Northern Solar seeks to raise up to RM65m in IPO

KUALA LUMPUR (Dec 18): Solar renewable energy specialist Northern Solar Holdings Bhd, en route to list on the ACE Market of Bursa Malaysia on Feb 6, is looking to raise up to RM64.8 million from the public market to part-finance its business expansion and for working capital.

The proposed initial public offering (IPO) involves the issuance of 67.25 million new shares and an offer for sale of 35.6 million existing shares at a price of 63 sen per share. All in all, the listing would offer investors up to a 26% stake in the company.

"Gross proceeds from the public issue amounting to RM42.37 million will be used mainly for the expansion and working capital purposes," Northern Solar said at its prospectus launch on Wednesday.


The offer for sale, which amounts to RM22.43 million, will go to its selling shareholders, including co-founders Lew Shoong Kai and Chew Win Hoe, who currently hold a 42.5% stake in Northern Solar each.

The IPO application closes on Jan 20.

Northern Solar mainly provides engineering, procurement, construction and commissioning of solar photovoltaic (PV) systems, generation of renewable energy as well as operation and maintenance of solar PV equipment and systems. It also owns and operates 10 solar PV systems and another four solar PV systems under its 20%-owned Engtex Energy Sdn Bhd. Pipe and valve maker Engtex Group Bhd (KL:ENGTEX) owns 80% of Engtex Energy.

Real estate developer Lagenda Properties Bhd (KL:LAGENDA) has a 15% stake in Northern Solar.

At the IPO price of 63 sen per share, Northern Solar would have a market capitalisation of RM249.23 million upon listing based on its enlarged share capital of 395.6 million shares. This values the company at a price-to-earnings (P/E) ratio of 24 times its financial year ended March 31, 2024 (FY2024) earnings.

For FY2024, Northern Solar reported a net profit of RM10.09 million on revenue of RM77.97 million.

Under the IPO, Northern Solar will make 19.78 million shares available to the public and 7.91 million shares to eligible persons. The company will also set aside 39.56 million shares to select investors through private placement.

The offer for sale of 35.6 million existing shares, meanwhile, will be done through private placement to select investors. Proceeds from the sale of existing shares will accrue entirely to the selling shareholders Lew and Chew, whose holdings will be reduced to 30.8% each.

More than half of the proceeds, RM29.17 million, has been earmarked for working capital purposes to expand its solar PV systems business. Another RM3.2 million of the proceeds will be used to establish a new corporate office with an engineering command centre in Petaling Jaya, Selangor and to fund the establishment of an expanded office in Johor and an additional office in Penang.

Another RM5.5 million will be used to repay bank borrowings and the remaining RM4.55 million for listing-related expenses.

M&A Securities is the IPO’s adviser, sponsor, underwriter and placement agent.

This post has been edited by coyouth: Dec 18 2024, 02:21 PM

My house are using their solar system service, not bad and satisfy with their charges and service. My taman at least got 4 houses using their service

Open for apply already. IPO price 0.63. closing Jan 20,2025

This post has been edited by alanchen: Dec 19 2024, 04:33 PM

Wow ! Open for so long.....

is this ok ah?

This post has been edited by Bigproblem: Dec 23 2024, 06:30 PM

got people goreng then ok loh Lagenda got goreng or not ? u have to ask them

Any TP for this?

M+ = 1.12

wow...

M+ TP usually quite high one.

Pls share TP...tq

M+ TP : RM1.12

Good tp

Quiet convincing tp from TA 0.98... definitely will pump this ipo

M+ TP x leh caya

Yea. i think last 3-4 IPOs M+ TP is completely off. not sure who is doing their calculations for the TP. maybe intern

pump as in you're gonna invest heavily into this IPO?

m + is a rubbish security firm