Wasco Greenergy inks underwriting agreement with CIMB, Maybank ahead of Main Market listing

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WASCO Greenergy Bhd (Greenergy), the renewable-energy (RE) arm of the Wasco Bhd (previously Wah Seong Corp Bhd) has today (Nov 4) inked an underwriting agreement with CIMB Investment Bank Bhd and Maybank Investment Bank Bhd for its initial public offering (IPO) on the Main Market of Bursa Malaysia.

This marks a key milestone in Greenergy’s journey towards becoming a publicly listed company while underscoring its ambition to strengthen its role in Malaysia’s renewable and sustainable energy landscape.

The IPO shall entail an offering of up to 150 million shares comprising of a public issue of 75 million new shares in Greenergy and an offer for sale of up to 75 million existing ordinary shares in Greenergy which represent up to 30% of the company’s enlarged issued share capital.

The institutional offering will entail the offering of up to 119.50 million IPO shares to Malaysian institutional and selected investors, including Bumiputera investors approved by the Investment, Trade and Industry Ministry (MITI) at an institutional price to be determined by way of book-building.

Additionally, there would be a retail offering of 30.50 million issue shares to eligible directors and employees of Greenergy and its subsidiaries, eligible directors and employees of Wasco Bhd, entitled shareholders of Wasco Bhd and the Malaysian public at a retail price to be determined.

WELCOME TO BURSA’S MAIN MARKET: The signatories of Wasco Greenergy Bhd’s underwriting agreement include (from left) CIMB Investment Bank Bhd’s CEO (regional head for investment banking) Nor Masliza Sulaiman, Greenergy’s non-independent non-executive director Ramanathan P. R. Singaram, Greenergy’s CEO Lee Yee Chong and Maybank Investment Bank Bhd’s deputy CEO Tengku Ariff Azhar.

Full-fledge RE outfit

The biomass steam energy systems specialist integrates more than four decades of engineering heritage through Wasco Thermal Sdn Bhd and Wasco AgroTech Sdn Bhd.

It’s 14.5-acre manufacturing facility in Shah Alam serves as the company’s primary engineering hub where teams design, manufacture and service renewable-thermal and bioenergy systems for clients worldwide.

Greenergy’s expertise was first forged in the oil palm sector where agricultural waste and by-products such as empty fruit bunches and palm kernel shells remain a key renewable fuel source.

Today, Greenergy’s technologies power a broad range of industries – from palm oil and oleochemical to paper mills and industrial parks – as more companies adopt biomass and waste-heat recovery solutions to decarbonise operations and lower energy costs.

Recognised as a key player in Malaysia’s biomass steam energy systems and steam turbine markets, Greenergy serves major industrial clients across Malaysia, Indonesia and the wider ASEAN region.

“This IPO represents a new chapter in our journey as we look to expand our capabilities and play a stronger role in the region’s renewable energy landscape,” enthused Greenergy’s CEO Lee Yee Chong.

“With our engineering expertise and proven execution track record, we’re confident in our ability to deliver innovative, sustainable energy systems that support industrial decarbonisation and drive long-term value creation.”

Greenergy is expected to be listed on the Main Market of Bursa Malaysia in December 2025.

CIMB IB is the principal adviser and managing underwriter while CIMB alongside Maybank IB serve as the joint bookrunners and joint underwriters for the IPO. – Nov 4, 2025

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