IPO Insights

Wasco Greenergy Berhad

Wasco Greenergy Berhad operates in the renewable energy sector, specializing in the Engineering, Procurement, Construction, and Commissioning (EPCC) of steam energy systems, including biomass, gas-fired, and Heat Recovery Steam Generator (HRSG) systems. The company also supplies steam turbine generator systems and provides comprehensive after-sales services such as repair, maintenance, and parts sales. Additionally, Wasco Greenergy designs and manufactures a range of specialized palm oil milling equipment. The Group's principal markets are Malaysia and Indonesia, with operational headquarters and facilities located in Shah Alam, Selangor, supported by a network of service centres in both countries. The company was incorporated in Malaysia on 5 December 2023.

IPO Details
Market: Main
Principal Adviser: CIMB Investment Bank Berhad
Issuing House: Tricor Investor & Issuing House (TIIH)
Shariah Status: SC (Yes)
Listing Price: 1.0
PE Ratio: 12.8-31.7
    PE (FYE): 12.8
    PE (FPE Annualised): 31.71
    PE (Hybrid): 19.47
MITI allocation?: Yes
Closing Date: 28-Nov-2025
Balloting Date: 02-Dec-2025
Listing Date: 11-Dec-2025
Oversubscription rate: 12.11x
Average Analysts FV*:
Public Invest (1.10), TA (1.23)
iSaham IPO Score***:
Market Cap: 500.00 M
Number of Shares: 500.00 M
IPO Allocations No. of Shares %
Malaysian Public 10.00 M 2.0%
Bumiputera shareholders approved by MITI 62.50 M 12.5%
Eligible Directors and employees 20.5 M 4.1%
Private placement to selected investors and others 57.0 M 11.4%
Total Allocations 150.00 M 30.0%

Offer for Sales of 75.00 M existing shares representing 15.0% enlarged shares.

Public Issue of 75.00 M new shares representing 15.0% enlarged shares.

Median Sectors PE:
Median Peers PE:
Utilisation of Proceeds
Purpose Amount (RM'000) %
Expansion Expansion through investments, acquisitions and strategic partnership relating to the ownership and operation of biomass steam power plants (“Asset Ownership”) 38,200 50.9
Expansion Expansion of our operations in Indonesia 5,500 7.3
Working capital Capital expenditure for new equipment and machinery, and upgrade of our headquarters 12,500 16.7
Working capital Digitalisation of our business systems and processes 5,000 6.7
Others Research and development 4,000 5.3
Listing expenses Estimated listing expenses 9,800 13.1
Total 75,000 100
Utilisation of Proceeds
SWOT Analysis

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