Company Name: Wasco Greenergy Berhad

Date of Prospectus: 20 November 2025

Wasco Greenergy Berhad IPO: A Comprehensive Investor Analysis for 2025

IPO Snapshot: Key Facts for Investors

Wasco Greenergy Berhad is set to debut on the Main Market of Bursa Malaysia Securities Berhad, targeting the renewable energy sector with a robust initial public offering. The IPO is positioned to capture investor interest in Malaysia’s growing green energy market.

• IPO Symbol: Not explicitly disclosed.
• Offer Price: RM1.00 per share (Retail Price).
• Total Offer Size: Up to 150,000,000 IPO Shares, representing 30% of the enlarged issued share capital.
• Post-IPO Outstanding Shares: 500,000,000 ordinary shares.

Use of Proceeds: Fueling Expansion and Innovation

Wasco Greenergy is channeling IPO proceeds toward a growth-driven strategy focused on asset ownership, expansion, operational improvements, and research. The allocation underscores a commitment to both scaling up and digital transformation.

Growth and innovation are at the heart of Wasco Greenergy’s capital deployment plan.

Dividend Policy and Commitment

Dividend payout ratio: Historically ranged from 26.6% to 50.6% for FY 2022 and FY 2023. No specific forward commitment disclosed. Dividends are subject to profitability and business needs.

Placement and Issuance Breakdown

• Public Issue: 75,000,000 new shares
• Offer for Sale: 75,000,000 existing shares by Wasco Berhad and Tema Energy
• Retail Offering: 30,500,000 shares (Malaysian public, employees, directors, entitled shareholders)
• Institutional Offering: 119,500,000 shares (Malaysian institutions, MITI-approved Bumiputera investors)

Notable employee/director allocations include reserved shares for eligible Greenergy and Wasco persons.

Investor Participation & Book Quality

• Anchor/Institutional Investors: MITI-approved Bumiputera tranche (44,500,000 Issue Shares + up to 18,000,000 Offer Shares); other institutional/selected investors (up to 57,000,000 Offer Shares).
• Retail allocation: Malaysian public via balloting (10,000,000 Issue Shares, split 50/50 between Bumiputera and non-Bumiputera).
• No pre-listing disposals by major shareholders except as part of the Offer for Sale.

Structured allocations and a sizable institutional tranche suggest strong book building and potential for robust first-day demand.

Deal Parties and Structure

• Principal Adviser and Joint Bookrunner: CIMB Investment Bank Berhad
• Managing Underwriter and Joint Underwriter: CIMB Investment Bank Berhad, Maybank Investment Bank Berhad
• Joint Bookrunner: CGS International Securities Malaysia Sdn Bhd
• Issuing House: Tricor Investor & Issuing House Services Sdn Bhd

Retail Underwriting Commission: up to 1.25% of the Retail Price
Placement & Selling Commission: up to 1.25% of the Institutional Price, plus up to 0.5% discretionary fee for Joint Bookrunners

No explicit greenshoe or stabilization arrangements disclosed. The presence of top-tier investment banks and a structured underwriting/placement process supports a stable listing outlook.

Company Overview: Greenergy’s Business and Market Position

Wasco Greenergy Berhad operates primarily in renewable energy, specializing in the ownership and operation of biomass steam power plants. The company’s strategy includes a transition to stable, recurring revenue through asset ownership (BOO/BOOT models) and expansion into Indonesia.

• Revenue Streams: Steam energy systems, auxiliary facilities, strategic partnerships/joint ventures for biomass plant operations and electricity production.
• Key Products/Services: Biomass steam energy, related infrastructure, energy supply to industrial users, electricity production.
• Customer Segments: Industrial users, grid operators, partners in Malaysia and Indonesia.
• Geographies: Malaysia (core), Indonesia (expansion focus).

Industry Definition: Renewable energy sector, with a focus on biomass energy and steam generation. Industry size and market share details are not specified, but the IMR Report by Frost & Sullivan is referenced for sector overview.

Financial Health: Revenue, Profitability, and Balance Sheet Metrics

• Net cash position (negative net gearing ratio) in earlier periods; slight positive gearing in FPE 2025.
• Strong gross profit margins and improved profitability over time.

Market Position and Competitive Advantages

• Asset ownership model for biomass steam plant operations—targeting stable, recurring income.
• Expansion into Indonesia—diversifying revenue and geographic footprint.
• Digitalization and AI integration—heralding operational efficiency and future-proofing.
• Shariah-compliant stock classification—expanding eligible investor base.
• Key competitive strengths highlighted in prospectus: technical expertise, strategic partnerships, and strong shareholder backing.

Management Team

Directors, Promoter, and Key Senior Management: Names and detailed roles are not provided in summary, but shareholdings and director allocations are fully disclosed. Major shareholders include Wasco Berhad and Tema Energy.

Trends, Timing & Environment

Sector: Renewable energy, biomass steam power
Timing:

• Entitlement Date: 17 November 2025
• Prospectus Issuance/Opening: 20 November 2025 (10:00 a.m.)
• Retail Offering Close: 28 November 2025 (5:00 p.m.)
• Institutional Offering Close: 28 November 2025
• Price Determination: 1 December 2025
• Balloting: 2 December 2025
• Allotment/Transfer: 10 December 2025
• Listing Date: 11 December 2025

Macro environment: The prospectus references positive demand drivers for renewables and energy transition. No explicit external macroeconomic data is disclosed, but sectoral growth is implied via the IMR Report.

Recent company developments: Acquisition of remaining 40% equity interest in WTSB, bonus issue, and expansion initiatives indicate a dynamic, growth-oriented phase.

Market conditions for IPO: Favorable, with strong institutional support, sector tailwinds, and robust financials.

Risk Factors

• Capital investment & financial risks from biomass plant ownership and operation; cost overruns or delays may impact returns.
• No prior track record in owning/operating biomass steam plants—execution risk for new ventures.
• Feedstock supply risk—disruptions in biomass supply, pricing, or quality may impact operations and financial results.
• Equity fundraising dilution risk—future capital raises may dilute shareholder value.
• Market liquidity and volatility risk—no guarantee of active/efficient market; price may not reflect fundamentals.
• Lock-up expiry risk—large shareholder stakes may be sold after lock-up, pressuring share price.
• Minimum public spread risk—listing may be delayed/terminated if public shareholding thresholds are not met.

Growth Strategy

• Asset ownership expansion: RM38.2 million earmarked for BOO/BOOT biomass steam plant investments over 36 months.
• Geographic expansion: RM5.5 million for Indonesia operations over 24 months.
• Capex for equipment, HQ, digitalization, and AI: RM12.5 million + RM5.0 million for operational enhancements and technology integration.
• R&D investment: RM4.0 million to strengthen technical capabilities and product innovation.

Growth is driven by both asset acquisition and operational modernization, with clear timelines and budget allocations.

Ownership & Lock-ups

Major shareholders are subject to moratoriums and lock-ups, reducing immediate post-listing supply pressure.

Valuation and Peer Comparison

• Offer Price: RM1.00 per share
• P/E Ratio: 12.8x (based on FY2024 EPS of 7.8 sen)
• P/B Ratio: 2.0x (based on pro forma NA per share of RM0.49)
• Market Capitalization at IPO: RM500.0 million

No direct peer comparison table is provided in the prospectus.

Research & Analyst Opinions

IMR Report: Frost & Sullivan provided an independent market and industry review. No explicit analyst price targets or recommendations are disclosed.

IPO Allotment Result

Final subscription outcomes by tranche are not disclosed in the document.

Listing Outlook: Investment Case and Trading Range

Wasco Greenergy Berhad’s IPO is backed by:

• Strong institutional and retail allocation structure
• Sector tailwinds from renewable energy and decarbonization trends
• Consistent revenue and profit growth, with healthy margins
• Clear growth and expansion strategy utilizing IPO proceeds
• Reputable deal parties and underwriters
• Well-defined risk factors with mitigation plans

Based strictly on disclosed fundamentals and allocation, the IPO appears attractive for investors seeking exposure to Malaysia’s renewable energy sector. The offer price of RM1.00 per share is supported by sound financial metrics and growth prospects. First-day trading is likely to be robust, with price stability supported by lock-up arrangements and a structured book-building process. The share may trade at or above the offer price, barring broader market volatility.

Prospectus Access

Website to obtain prospectus: www.bursamalaysia.com

How to Apply for the IPO

• Application forms are available in paper format from the company, CIMB Investment Bank, Tricor Investor & Issuing House Services, participating Bursa organizations, and selected banks and investment banks.
• Applications accepted from 10:00 a.m. on 20 November 2025 to 5:00 p.m. on 28 November 2025.
• Electronic prospectus available at www.bursamalaysia.com for informational purposes only (applications not accepted via electronic forms).