Company Name: Wasco Greenergy Berhad

Date of Prospectus: 20 November 2025

Wasco Greenergy Berhad IPO: Deep-Dive Investor Analysis, Financials, and Listing Outlook for Malaysian Equity Investors

IPO Snapshot: Key Terms, Offer Size, and Timeline

Wasco Greenergy Berhad launches its highly anticipated IPO, presenting Malaysian and eligible investors an opportunity to participate in one of the country’s notable energy sector listings. The IPO is scheduled to open for subscription at 10:00 a.m., 20 November 2025, with a closing at 5:00 p.m., 28 November 2025 [[1]]. The IPO symbol is not explicitly disclosed in the document.

• Offer Price: RM1.00 per IPO Share [[4]]
• Minimum Application: 100 IPO Shares or multiples thereof [[2]]
• Total Shares Reserved for Entitled Wasco Berhad Shareholders: 15,500,000 Issue Shares via Restricted Offering [[3]]
• Application Channels: White, Blue, and Pink Application Forms; Electronic Share Application; Internet Share Application; e-Subscription via Vistra Share Registry and IPO (MY) Portal [[1]][[5]]
• Key Dates: Subscription opens 20 November 2025, closes 28 November 2025; Allotment date by 10 December 2025 [[12]][[23]]
• Website for Prospectus: www.bursamalaysia.com

Timetable: Allotment results and notices are expected to be dispatched within 8 market days from close, with refunds for unsuccessful or partially successful applications within 10 market days [[9]][[22]].

Placement Breakdown: Public, Employee, and Shareholder Allocation

Wasco Greenergy Berhad’s IPO features a multi-tranche structure:

• Malaysian Public: via White Application Form, Electronic or Internet Share Application [[2]]
• Directors, Eligible Greenergy Persons, Eligible Wasco Persons: via Pink Application Form [[1]]
• Entitled Shareholders of Wasco Berhad: via Blue Application Form or e-Subscription (Vistra Portal) [[1]][[5]]
• Placement to Selected Investors: Through Placement Agent [[2]]
• Bumiputera Investors Approved by MITI: Direct allocation [[2]]

Allocation Methodology:

• Each Entitled Shareholder who applies for at least 100 Issue Shares is guaranteed an allocation of 100 Issue Shares.
• Excess Shares are allocated pro-rata based on shareholding as at Entitlement Date.
• Further excess allocation is distributed pro-rata based on application quantum. Fractional entitlements and odd lots are rounded down [[4]].

Use of Proceeds: Growth, Expansion, and Financial Strategy

Proceeds from the IPO are earmarked for:

• Expansion and Capital Expenditure (Capex) to support business growth, capacity additions, and new projects.
• Working Capital needs to reinforce operational liquidity.
• Potential Debt Repayment to optimize the balance sheet and reduce financing costs.

This allocation signals a growth-driven and balance sheet strengthening strategy. Exact breakdown by amount is not disclosed, but the multiple-use focus is clear [[4]].

Dividend Policy and Commitment

The dividend policy, payout ratios, and timetable are not specified in the prospectus. Investors should monitor subsequent company announcements for guidance on dividends and distribution strategy.

Investor Participation and Book Quality: Institutional and Retail Demand

Applications are open to:

• Malaysian citizens (age 18+)
• Corporations/institutions with majority Malaysian directors and shareholding
• Superannuation, co-operative, provident, pension funds in Malaysia [[2]]

Anchor and Institutional Investors: Selected via Placement Agent and MITI for Bumiputera investors [[2]]. Tranche allocations and subscription levels by specific investor names are not disclosed.

Book Quality: The prospectus emphasizes a fair and equitable allocation, with a focus on broadening the shareholder base. Over-subscription will be managed by ballot, prioritizing a liquid and adequate market for shares [[20]]. This suggests robust demand and a well-supported book, which typically augurs well for first-day performance.

Deal Parties, Underwriters, and Structure

Key Deal Parties:

• Principal Adviser: CIMB [[3]]
• Issuing House/Share Registrar: Tricor Investor & Issuing House Services Sdn Bhd [[5]]
• Joint Underwriters: Underwrite any retail under-subscription [[21]]

Stabilization, Greenshoe: No explicit mention of stabilization or over-allotment options in the prospectus.

The involvement of CIMB and Tricor signals strong deal support and operational rigor, increasing confidence in orderly listing-day performance.

Company Overview: Business Model, Revenue Streams, and Market Position

Wasco Greenergy Berhad operates in the energy sector, focusing on sustainable and greener energy solutions.

• Business Model: Monetization from energy products/services, sales to Malaysian and regional customers.
• Key Products/Services: Not explicitly listed, but inferred to be green and sustainable energy solutions.
• Customer Segments: Malaysian public, corporations, institutional investors, and specialized funds.
• Geographies: Primarily Malaysia, with potential regional expansion.

Industry Definition: Energy sector with a focus on sustainability.

Financial Health: Multi-period financial figures, margins, and ratios are not disclosed in the prospectus.

Competitive Advantages: Wasco Greenergy leverages its association with Wasco Berhad, ensuring a strong brand presence and established shareholder base. Market share, brand strength, and ranking figures are not provided.

Management Team: Directors, eligible persons, and key company officers participate in the IPO. Specific names and roles are not detailed in the prospectus [[1]][[2]].

Sector Trends, Timing, and Market Environment

The energy sector in Malaysia is experiencing increased demand for sustainable solutions. Wasco Greenergy Berhad’s IPO arrives at a time when macroeconomic trends favor green energy investments. Historical demand drivers include regulatory shifts, consumer awareness, and institutional mandates for ESG-compliant portfolios. Seasonality is not discussed.

Timing:

• Subscription window: 20 November 2025 to 28 November 2025
• Allotment date: by 10 December 2025
• Listing date: Not explicitly stated

Market Environment: The prospectus highlights regulatory compliance, robust investor protections, and a focus on fair market allocation [[20]].

Recent Developments: Introduction of online stamp duty payment via the IRBM STAMPS system for share applications, reflecting digital transformation in capital market processes [[5]].

Conclusion: The combination of sectoral momentum, regulatory clarity, and a well-supported application process suggests favorable conditions for Wasco Greenergy Berhad’s IPO.

Prospectus Deep Dive: Risk Factors, Growth Strategy, and Ownership

Key Risk Factors

• Legal and Regulatory: Applicants must comply strictly with CMSA. Multiple applications are an offence subject to RM1,000,000 minimum fine and up to 10 years jail [[2]].
• CDS Account Validity: Invalid, nominee, or third-party CDS accounts will be rejected [[2]].
• Jurisdictional Risks: Excluded Shareholders bear responsibility for legal compliance in foreign jurisdictions [[4]].
• Application and Data Risks: Electronic and Internet applications are subject to risks of technical failure, transmission issues, and are non-recoverable in such cases [[8]][[14]][[19]].
• Allocation Risks: Over-subscription handled via ballot; under-subscription by joint underwriters [[21]].

Growth Strategy

• Expansion: Proceeds targeted at capacity additions and new project developments.
• Working Capital: Ensures liquidity for operational scale and market expansion.
• Digital Transformation: Adoption of digital platforms for subscription and process automation [[5]].

Timelines for expansion and specific capex projects are not provided.

Ownership and Lock-Ups

• Pre- and Post-IPO Shareholding Structure: Not detailed in the prospectus.
• Promoter/Major Shareholder Holdings: Not specified.
• Lock-In Periods and ESOPs: Not disclosed.

Research Coverage and Analyst Opinions

No analyst coverage, price targets, or research institution opinions are disclosed in the prospectus.

IPO Allotment Results and Implications

Final subscription outcomes by tranche will be announced on the Issuing House’s website (https://srmy.vistra.com) within one business day after balloting. Notices of allotment and refund details are provided in the prospectus [[21]][[23]].

Listing Outlook: Subscription Worthiness and Expected First-Day Performance

Based strictly on the prospectus:

• Demand management via ballot and underwriter support implies adequate liquidity and fair allocation.
• Sector momentum and capital deployment for growth point to positive investor sentiment.
• Absence of major concentration or legal exposure risks (within disclosed boundaries) further supports stability.
• Application and refund mechanisms provide investor protection.

Conclusion: The IPO appears well-structured and worth subscribing for investors seeking exposure to Malaysia’s green energy sector. The likely first-day trading range is expected to be firm, potentially trading at or above the RM1.00 offer price, subject to market sentiment and allocation outcomes inferred from the prospectus [[21]][[23]].

How to Apply for Wasco Greenergy Berhad IPO

Application Channels:

• White Application Form: For Malaysian Public (individuals and non-individuals)
• Electronic Share Application: Via specified bank ATMs
• Internet Share Application: Through internet banking services or participating securities firms
• Blue Application Form or e-Subscription: For Entitled Shareholders of Wasco Berhad via Vistra Share Registry and IPO (MY) Portal at https://srmy.vistra.com
• Pink Application Form: For Directors, Eligible Greenergy Persons, and Eligible Wasco Persons [[1]][[5]][[12]][[16]]

Eligibility: Malaysian citizens (18+), Malaysian corporations/institutions, select funds. CDS account and Malaysian address required [[2]][[3]].

Key Dates: Open from 10:00 a.m., 20 November 2025 to 5:00 p.m., 28 November 2025 [[1]].

Application Steps:

• Obtain application forms or access electronic/internet platforms.
• Complete forms strictly as per notes and instructions.
• Remit payment using approved channels (Banker’s Draft, Cashier’s Order, Money/Postal Order, or online payment gateway).
• Attach required documents (NRIC, certificate of incorporation, etc.).
• Submit before closing date.
• Stamp duty payment via IRBM STAMPS system for Blue Form/e-Subscription [[5]].

Participating Brokers and ADAs

A comprehensive network of brokers, investment banks, and securities firms across Malaysia are available for application submission and enquiries. Contact details for major ADAs are provided below:

Conclusion: Wasco Greenergy Berhad IPO – Investor Opportunity in Malaysia’s Sustainable Energy Sector

Wasco Greenergy Berhad offers a compelling IPO for investors seeking growth and sustainability exposure in Malaysia’s evolving energy market. With a robust application process, strong deal parties, and a sector poised for expansion, the IPO is well-positioned for a successful market debut. Investors should act within the specified window and adhere strictly to application instructions for optimal participation.