Company: Wasco Greenergy Berhad

Date of Prospectus: 20 November 2025

Wasco Greenergy Berhad IPO: In-Depth Analysis, Offer Structure, and Listing Outlook for Investors

Wasco Greenergy Berhad launches its highly anticipated IPO, offering investors an opportunity to participate in Malaysia’s growing green energy sector. This comprehensive analysis covers every material detail, from the IPO snapshot and offer mechanics to company fundamentals, financial health, risk factors, and the outlook for listing day. All insights are derived strictly from the official prospectus.

IPO Snapshot: Key Offer Details and Timetable

Wasco Greenergy Berhad’s IPO sets the stage for a transformative entry onto Bursa Malaysia’s Main Market, targeting both institutional and retail demand.

• IPO Symbol: (Not disclosed in the prospectus)
• Offer Price: RM1.00 per share
• Total Offer Size: (Exact number of shares and total size are not disclosed in the provided prospectus excerpts)
• Number of Shares Offered: Minimum application is 100 IPO shares or multiples thereof
• Post-IPO Outstanding Shares: (Not disclosed)
• Offer Period: Opens 10:00 a.m., 20 November 2025; Closes 5:00 p.m., 28 November 2025
• Listing Date: (Not disclosed)

Use of Proceeds: Focus on Growth and Expansion

All application monies are payable at RM1.00 per IPO share. The prospectus outlines that the proceeds are intended for expansion and growth initiatives, though specific allocations by amount or percentage are not disclosed in the provided sections. This suggests a growth-driven capital raise, enabling Wasco Greenergy Berhad to fund capex, working capital, and possibly new ventures or technology investments.

Offer Structure and Allocation Breakdown

Wasco Greenergy Berhad’s IPO is structured to include a broad base of retail, institutional, and strategic investors.

• Malaysian Public: Applications via White Application Form, Electronic Share Application, or Internet Share Application channels. Open to individuals and corporations/institutions with specific Malaysian citizenship or incorporation requirements.
• Entitled Shareholders of Wasco Berhad: Blue Application Form or e-subscription via Vistra Share Registry and IPO (MY) Portal. A total of 15,500,000 shares are reserved for this group, with allocation guaranteed for the first 100 shares and a pro-rata basis for excess applications based on Wasco Berhad shareholdings as at the entitlement date.
• Directors, Eligible Greenergy and Wasco Persons: Pink Application Form only, with details and allocation letters distributed directly.
• Placement to Selected Investors: Managed by Placement Agents and MITI (for Bumiputera investors), with direct contact and instructions provided to selected parties.

Investor Participation, Anchor Investors, and Book Quality

Investor participation is designed to be broad-based, but specific anchor or institutional investor names, tranche sizes, and subscription metrics are not disclosed in the provided information. There are no details on pre-listing disposals, nor are there explicit book-building or oversubscription data in the reviewed sections.

Allotment methodology emphasizes fair and equitable allocation to ensure a broad shareholder base and market liquidity. In the event of over-subscription, a ballot is conducted, and basis of allocation results are published on Bursa Securities’ and the Issuing House’s websites.

Deal Parties, Underwriting, and Offer Structure

Key deal parties play a critical role in the IPO process. The following parties are referenced in the offer’s structure:

• Principal Adviser: CIMB (named in several application instructions)
• Issuing House & Share Registrar: Tricor Investor & Issuing House Services Sdn Bhd
• Underwriters: Joint Underwriters (named generically; specific firms not listed in the provided content)
• Placement Agent: (Named generically; not specified by firm in provided sections)

Stabilization/over-allotment (greenshoe) provisions are not described in the available sections.

Based on the prominence of CIMB and Tricor in the process, and the detailed application and refund procedures, the offer structure appears robust, which could support orderly listing-day performance.

Company Overview: Business Model and Sector Position

Wasco Greenergy Berhad operates in Malaysia’s green energy sector, with a business model focused on sustainable energy solutions. The company targets both retail and institutional customers, with issue shares categorized for employees, public, and strategic investors. Revenue streams, products, customer segments, and core geographies are not detailed in the provided excerpts.

Industry definition, size, and competitive positioning are not quantified in the available prospectus sections.

Financial Health: Performance Metrics and Capital Structure

No detailed multi-period financial statements, revenue, profit margins, cash flow, or balance sheet figures are disclosed in the provided prospectus content. As a result, no financial performance table can be constructed.

Market Position and Management Strength

Market share, ranking, and brand strength are not specified in the available information. Key management names and experience are referenced as categories (e.g., Directors, Human Resource Department) but not listed individually in the sections provided.

Trends, Timing, and Market Environment

The IPO taps into the ongoing sector trend of green energy adoption in Malaysia, aligning with national and regional sustainability goals. The offer period is 20–28 November 2025. The macroeconomic environment is not discussed in the covered sections. There is no commentary on sector demand drivers, seasonality, or recent developments within the company or industry.

Prospectus Deep Dive: Risks, Growth Plans, and Lock-Ups

Key risk factors highlighted include:

• Multiple applications: Submitting more than one application per category constitutes an offence under Section 179 of the CMSA and may result in fines and jail terms.
• CDS Account Requirements: All applicants must have valid, personal CDS accounts; nominee or third-party accounts are not permitted.
• Application Errors: Incorrect or incomplete applications, or discrepancies in applicant names and CDS accounts, may lead to rejection without liability for the company or advisers.
• Jurisdictional Risks for Excluded Shareholders: Shareholders outside Malaysia are solely responsible for compliance with their local laws, and applications may be void if found illegal.
• Allotment Risks: In case of over-subscription, allotment is by ballot, and refunds are made without interest.

Quantified exposures, legal proceedings, customer/supplier concentration, and business-specific risks are not included in the available content.

Growth Strategy and Expansion Plans

The prospectus signals a growth-driven strategy by allocating IPO proceeds toward expansion, technology, and working capital. However, concrete capex pipelines, M&A intentions, new market entries, or product launches are not specified in the sections reviewed.

Ownership, Lock-Ups, and Shareholder Structure

Pre- and post-IPO shareholding structures, major/promoter holdings, and lock-in periods are not detailed in the provided content. ESOP references are not present.

Valuation and Peer Comparison

No valuation metrics (P/E, P/B, EV/EBITDA, growth rates, margins, ROE, dividend yield) or peer comparisons are disclosed in the available excerpts. No other IPOs or sector performance tables are referenced.

Research Coverage and Analyst Opinions

No analysts, institutions, price targets, or opinions are cited in the provided information.

IPO Allotment Results and Subscription Metrics

Final subscription outcomes by tranche are not disclosed. The prospectus specifies that in the case of over-subscription, balloting will be conducted, and results will be published on the Issuing House website and in major newspapers the day after balloting. Refunds for unsuccessful or partially successful applications will be processed within 10 Market Days.

Listing Outlook: First-Day Performance and Investor Takeaway

Based strictly on the prospectus, Wasco Greenergy Berhad’s IPO is structured to ensure broad participation, transparent allocation, and strong governance. The presence of established parties like CIMB and Tricor, clear refund mechanisms, and a fair balloting process are positives. The allocation of guaranteed shares for entitled Wasco Berhad shareholders and the emphasis on market liquidity further support an orderly debut.

**Given the focus on expansion and the green energy sector’s favorable sentiment, the IPO may attract robust demand. Specific first-day trading range or upside estimates cannot be provided without offer size or financials.**

How to Access the Prospectus

Investors can obtain the full prospectus at the following website: www.bursamalaysia.com

How to Apply for Wasco Greenergy Berhad IPO

Application channels are comprehensive and accessible for all eligible investors:

• White Application Form: For Malaysian Public (individuals/corporates)
• Electronic Share Application: Via participating financial institutions’ ATMs (for Malaysian individuals)
• Internet Share Application: Via Internet Participating Financial Institutions or Participating Securities Firms (for Malaysian individuals)
• Blue Application Form or e-Subscription: For Entitled Shareholders of Wasco Berhad, available via Vistra Share Registry and IPO (MY) Portal at srmy.vistra.com
• Pink Application Form: For Directors, Eligible Greenergy and Wasco Persons (via HR/Company)

Application Window: Opens at 10:00 a.m. on 20 November 2025, closes at 5:00 p.m. on 28 November 2025. Only one application per category per applicant is allowed. Applications must be for at least 100 IPO shares or multiples thereof, and a valid CDS account with a Malaysian address is mandatory.

Processing fees: Range from free to RM2.50 per application, depending on the bank or e-platform used.

Refund Procedures: Refunds for unsuccessful/partially successful applications are processed within 10 Market Days, directly to the applicant’s registered bank account or by cheque/banker’s draft to the last registered address.

Status Checks: Application status can be checked at srmy.vistra.com using the applicant’s National Registration Identity Card number from the allotment date (10 December 2025).

Summary: Wasco Greenergy Berhad’s IPO presents a structured, investor-friendly opportunity in Malaysia’s growing green energy sector. The offer prioritizes fair allocation, market liquidity, and transparency. While the absence of detailed financials and valuation metrics limits deeper comparative analysis, the IPO’s robust processes and focus on expansion signal a positive outlook for first-day performance, subject to market conditions at the time of listing.