Northern Solar Holdings Berhad IPO's Analysis

Northern Solar Holdings Berhad

Northern Solar Holdings Berhad is specializes in renewable energy with a focus on solar power. The company is primarily engaged in the Engineering, Procurement, Construction, and Commissioning (EPCC) of solar photovoltaic (PV) systems, which includes comprehensive services such as engineering design, procurement, construction, installation, testing, and commissioning for various types of buildings—commercial, industrial, and residential. Additionally, Northern Solar generates renewable energy through its rooftop solar PV systems, selling electricity to consumers under the Net Energy Metering (NEM) and Solar Energy License (SELCO) schemes in Peninsular Malaysia. The company also provides Operations and Maintenance (O&M) services for solar PV equipment and systems installed across different sectors. Northern Solar was incorporated in 2024 and headquartered in Malaysia.

IPO Details
Market: ACE
Principal Adviser: M&A Securities Sdn Bhd
Issuing House: Tricor Investor & Issuing House (TIIH)
Shariah Status: SC (Yes)
Listing Price: 0.63
PE Ratio: 16.8-24.7
    PE (FYE): 24.7
    PE (FPE Annualised): 16.77
    PE (Hybrid): 18.86
MITI allocation?: Yes
Closing Date: 20-Jan-2025
Balloting Date: 22-Jan-2025
Listing Date: 06-Feb-2025
Oversubscription rate: 73.2x
Average Analysts FV :
Mplus (1.12), RHB (0.72), Public Invest (1.00), TA (0.98)
iSaham IPO Score :
Market Cap: 249.23 M
Number of Shares: 395.60 M
IPO Allocations No. of Shares %
Malaysian Public 19.78 M 5.0%
Bumiputera shareholders approved by MITI 49.45 M 12.5%
Eligible Directors and employees 7.912 M 2.0%
Private placement to selected investors and others 25.714 M 6.5%
Total Allocations 102.86 M 26.0%

Offer for Sales of 35.60 M existing shares representing 9.0% enlarged shares.

Public Issue of 67.25 M new shares representing 17.0% enlarged shares.

Median Sectors PE: N/A
Median Peers PE:
Utilisation of Proceeds
Purpose Amount (RM'000) %
Expansion Business expansion 3,150 7.4
Working capital Working capital 29,166 68.8
Listing expenses Estimated listing expenses 4,553 10.8
Debt Repayment of bank borrowings 5,500 13
Total 42,369 100
Utilisation of Proceeds
Business Segments
Major Customers
Profit After Tax (PAT) by Financial Year Ended
SWOT Analysis
No Available Pro Insight yet
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