Company Name: Wasco Greenergy Berhad
Date of Prospectus: 5 November 2025

Wasco Greenergy Berhad IPO: Growth-Driven Malaysian Decarbonisation Play with Robust Financials and Expansion Ambitions

IPO Snapshot: Key Terms and Structure

Wasco Greenergy Berhad launches its initial public offering, aiming to cement its leadership in the renewable energy and biomass steam power sector. This IPO offers investors exposure to a high-growth, sustainability-driven Malaysian industrial player with clear expansion plans and solid historical financial performance.

• IPO Symbol: Not explicitly disclosed in the prospectus
• Offer Price: RM1.00 per share
• Total Offer Size: 150,000,000 shares (75,000,000 new shares via Public Issue, 75,000,000 shares via Offer for Sale)
• Post-IPO Outstanding Shares: 500,000,000 shares

Offer Breakdown:

• Public Issue: 75,000,000 new shares (15% of enlarged share capital)
• Offer for Sale: 75,000,000 existing shares by Wasco Berhad and Tema Energy

Application Window: Opens 10:00 AM, 20 November 2025; Closes 5:00 PM, 28 November 2025.
Listing Date: Not explicitly stated.
Minimum Application: 100 shares or multiples thereof.
Application Channels: Brokers, banks, e-IPO platform (Vistra Share Registry and IPO (MY) Portal), Application Forms, Internet Share Application.

Use of Proceeds: Expansion, Technology, and R&D

Wasco Greenergy signals a clear growth story with its use of IPO proceeds, focusing on strategic expansion, capacity enhancement, and innovation.

Conclusion: The allocation prioritises growth, market expansion, and technology enhancement, with minimal funds directed to debt repayment. This positions the IPO as a growth-driven investment opportunity.

Placement and Issuance Breakdown

• Public Issue: Retail, employees, directors, selected investors, Bumiputera investors (via MITI), shareholders of Wasco Berhad
• Offer for Sale: Existing shares sold by Wasco Berhad and Tema Energy
• Employee/Director Allocation: Pink Application Form, entitlement-based
• Retail Underwriting: 30,500,000 Issue Shares underwritten by Managing and Joint Underwriters at up to 1.25% commission

Dividend Policy and Commitment

No explicit dividend policy or payout ratio target is disclosed. Investors should note that future dividends are not guaranteed based on the available information.

Investor Participation and Book Quality

• Anchor/Institutional Investors: Not named in the prospectus
• Subscription Levels by Category: Not disclosed
• Pre-listing Disposals/Sales: Offer for Sale by Wasco Berhad and Tema Energy; no other disposals stated
• Book Quality Assessment: The combination of a significant retail offering, employee/director participation, and full underwriting of any undersubscribed shares indicates a well-supported book and mitigated risk for first-day performance.

Deal Parties and Structure

• Principal Adviser & Joint Bookrunner: CIMB Investment Bank
• Joint Bookrunner & Joint Underwriter: Maybank Investment Bank
• Joint Bookrunner: CGS
• Managing Underwriter: CIMB
• Legal Advisers: Adnan Sundra & Low (Malaysia), Soemadipradja & Taher (Indonesia), Rahmat Lim & Partners (Malaysia)
• Auditors & Reporting Accountants: PricewaterhouseCoopers PLT
• IMR (Independent Market Research): Frost & Sullivan GIC Malaysia Sdn Bhd

Stabilization/Greenshoe Option: Not disclosed.
Support for Listing-Day Performance: The presence of top-tier investment banks and full underwriting of retail shares provides structural support for strong first-day trading.

Company Overview: Business Model, Market Position, and Leadership

Wasco Greenergy Berhad is a Malaysian-based leader in the design, manufacture, ownership, and operation of biomass steam power plants and industrial decarbonisation solutions. The company’s business model emphasizes recurring revenue from long-term operation contracts, sales of proprietary equipment, and project delivery for industrial clients.

• Key Products/Services: Biomass steam power plants, energy systems, decarbonisation solutions
• Monetization: Sale of equipment, service contracts, asset ownership revenue, project delivery
• Customer Segments: Industrial manufacturers, palm oil mills, regional conglomerates
• Geographies: Malaysia and Indonesia, with further expansion targeted
• Industry Definition: Renewable energy, biomass steam power, industrial decarbonisation
• Industry Size: Not explicitly stated

Competitive Advantages:

• Strong brand name and intellectual property portfolio
• Wholly-owned subsidiary structure post-IPO (acquisition of minority interest in Wasco Thermal Sdn. Bhd.)
• Recurring revenue model and deep customer relationships

Market Position: Cited as a leading solution provider in its niche; specific market share or rankings not disclosed.

Financial Health: Multi-Period Performance

Wasco Greenergy demonstrates robust revenue growth, expanding margins, and healthy profitability across multiple periods.

Cash Flow (FYE 2024):

• Net cash from operating activities: RM8.8 million
• Net cash used in investing activities: RM37 million
• Net cash from financing activities: RM31.4 million
• Cash and cash equivalents at end period: RM54.8 million

Debt Levels:

• Total term loans as at LPD: RM43.8 million
• Total credit facilities granted: RM101.7 million; utilised: RM59 million; unutilised: RM42.6 million

Key Ratios (FYE 2024):

• Current ratio: 2.0
• Gearing ratio: 0.3
• Net gearing ratio: -0.1
• Trade receivables turnover: 51 days
• Inventory turnover: 124 days

Management Team and Governance

Directors:

• Halim Bin Haji Din
• Ramanathan A/L P.R. Singaram
• Ng Ing Peng
• Roslina Binti Abdul Rahman

Key Senior Management:

• Lee Yee Chong
• Ooi Giap Hwa
• Tee Kian Lim

All directors and key management have been allocated shares under the IPO, indicating alignment with shareholder interests.

Sector Trends, Timing, and Macroeconomic Environment

Sector: Renewable energy, industrial decarbonisation, biomass steam power.
Regional Trends: Strong sustainability push, government support for decarbonisation, and demand for green industrial solutions.
Historical Demand Drivers: Industrial sector’s need for energy efficiency and regulatory compliance.
Seasonality: Not explicitly mentioned.
Timing: Application period: 20–28 November 2025.
Market Environment: No adverse macroeconomic or policy changes affecting performance in recent periods; government policies favourable to sector growth.

Recent Developments:

• Completion of acquisition of minority interest in subsidiary (Wasco Thermal Sdn. Bhd.)
• Approval for listing granted by Securities Commission Malaysia and Bursa Malaysia Securities Berhad in September–October 2025

Conclusion: The sector’s growth orientation and stable macro environment described in the prospectus suggest favorable market conditions for this IPO.

Risk Factors: Quantified Exposures and Material Issues

• Government, economic, and fiscal policy risk — no material adverse impact reported during review periods
• Legal risk: One material litigation disclosed: suit by Kilang Sawit Lembing Sdn Bhd against Wasco Thermal Sdn. Bhd. (details in Section 14.7)
• Regulatory risk: Business regulated under Malaysian and Indonesian law; compliance programs and external advisory in place
• Customer/Supplier Concentration: Not explicitly quantified
• FX Exposure: Foreign currency hedging through forward contracts in place
• Single Product/Geography Risk: Expansion in Indonesia to mitigate concentration
• Contingent Liabilities: RM930,000 as at 30 September 2025
• Related-party transactions: Acquisition of minority interest from Tema Energy

Growth Strategy: Expansion, Technology, and R&D

Wasco Greenergy’s strategy centers on aggressive expansion and innovation:

• Asset Ownership Expansion: RM38.2 million for new biomass steam power plants, targeting completion within 36 months
• Indonesia Market Entry: RM5.5 million allocation for sales office, service centers, vehicles (within 24 months)
• Capital Expenditure: RM12.5 million for equipment and HQ upgrade (within 24 months)
• Digitalisation: RM5 million for AI systems and software (within 36 months)
• R&D: RM4 million for new equipment and energy systems (within 24 months)

Ownership Structure and Lock-Up Arrangements

Lock-Up Arrangements: Lock-up letter issued 3 November 2025; details in Section 4.8.3.1 (not explicitly detailed in public sections).
ESOPs: Issue Shares reserved for Eligible Greenergy Persons and Eligible Wasco Persons.

Valuation and Peer Comparison

Peer comparison metrics (P/E, P/B, EV/EBITDA, revenue growth, net margin, ROE, ROA, dividend yield) are not disclosed for Wasco Greenergy or its peers in the prospectus.

IPO Allotment and Subscription Results

Final subscription outcomes by tranche are not disclosed. The IPO is fully underwritten for retail shares, ensuring full allocation regardless of demand.

Listing Outlook: Subscription Recommendation and First-Day Performance

Wasco Greenergy Berhad’s IPO presents a compelling growth opportunity for investors seeking exposure to Malaysia’s decarbonisation and renewable energy sector. The company’s strong financial performance, margin expansion, and clear growth strategy — supported by heavy allocations to asset ownership, market expansion, and R&D — underpin positive listing expectations.

Market conditions are favorable: No adverse macroeconomic trends or policy headwinds are reported; sector and regional trends support demand for Wasco Greenergy’s solutions.

First-Day Trading Range and Strength: Based on the robust book structure, full underwriting, and strategic growth allocation, the IPO is likely to debut strongly, with potential first-day price appreciation above the RM1.00 offer price. Investors can expect initial trading strength, supported by institutional and retail participation, although the absence of explicit oversubscription data means caution is warranted.

Subscription Recommendation: The IPO appears attractive for medium- to long-term growth investors seeking sustainability exposure in Southeast Asia.

Prospectus Access

The prospectus and all application details can be obtained at: www.bursamalaysia.com

How to Apply

Application Channels: Brokers, banks, Vistra Share Registry and IPO (MY) Portal, Application Forms, Internet Share Application.
Application Window: 10:00 AM, 20 November 2025 – 5:00 PM, 28 November 2025.
Eligibility: Malaysian citizens aged 18+, Malaysian-incorporated corporations with majority Malaysian ownership, CDS account required.