Wasco Greenergy Berhad (“Greenergy”) has officially taken a major step toward becoming a publicly listed company with the signing of an underwriting agreement with CIMB Investment Bank Berhad (“CIMB”) and Maybank Investment Bank Berhad (“Maybank IB”) for its upcoming initial public offering (“IPO”) on the Main Market of Bursa Malaysia Securities Berhad. This milestone marks a new phase in Greenergy’s growth journey and reinforces its commitment to advancing Malaysia’s renewable and sustainable energy ambitions.
The IPO will involve the offering of up to 150 million ordinary shares, consisting of 75 million new shares and 75 million existing shares—representing up to 30% of Greenergy’s enlarged issued share capital. The institutional offering will comprise up to 119.5 million shares, made available to Malaysian institutional and selected investors, including Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI). Meanwhile, the retail offering of 30.5 million shares will be open to eligible directors, employees, and shareholders of Greenergy and Wasco Berhad, as well as the Malaysian public.
Greenergy serves as the renewable energy arm of the Wasco Berhad group of companies, drawing on over 40 years of engineering expertise through Wasco Thermal Sdn Bhd and Wasco AgroTech Sdn Bhd. Operating from its 14.5-acre facility in Shah Alam, the company designs, manufactures, and services renewable-thermal and bioenergy systems for global clients. Originally rooted in Malaysia’s oil palm sector, where agricultural by-products such as empty fruit bunches and palm kernel shells are used as renewable fuel, Greenergy has since expanded to serve a wide range of industries, including palm oil, oleochemical, paper mills, and industrial parks across Malaysia, Indonesia, and the wider ASEAN region.
The company’s technologies play a vital role in helping industries decarbonise by converting agricultural waste into renewable heat and power, thus reducing direct (Scope 1) emissions and improving energy efficiency. Its product portfolio includes biomass steam energy systems, heat-recovery steam generators (HRSGs), steam turbine generator systems, and palm-oil milling equipment—supported by comprehensive after-sales services.
Lee Yee Chong, Chief Executive Officer of Wasco Greenergy Berhad, described the agreement as a significant milestone: “The signing of this underwriting agreement with CIMB and Maybank IB marks an exciting chapter for Greenergy. This IPO represents not just our expansion, but our commitment to driving industrial decarbonisation and delivering long-term value creation. With our engineering expertise and proven track record, we aim to strengthen our presence across the region’s renewable energy landscape.”
He added that the collaboration with CIMB and Maybank reflects strong market confidence in Greenergy’s growth potential and sustainability-driven business model. “As Malaysia and the region accelerate their transition to cleaner energy, Greenergy remains focused on supporting national and global sustainability goals through innovative solutions and green technologies,” he said.
CIMB Investment Bank Berhad acts as the Principal Adviser and Managing Underwriter, while CIMB and Maybank IB serve jointly as Bookrunners and Underwriters for the IPO.
Nor Masliza Sulaiman, Chief Executive Officer and Regional Head of Investment Banking at CIMB Investment Bank, expressed confidence in the partnership, stating, “We are proud to partner with Greenergy in its Main Market listing. The company’s strong management and strategic focus on renewable energy place it in a prime position to capitalise on Malaysia’s growing sustainable energy sector.”
Echoing similar sentiments, YM Tengku Ariff Azhar Tengku Mohamed, Deputy Chief Executive Officer of Maybank Investment Bank Berhad, said, “Wasco Greenergy’s innovative approach to renewable solutions and commitment to sustainability reflect Malaysia’s transition toward a low-carbon economy. This collaboration not only strengthens our shared sustainability vision but also contributes to the deepening of Malaysia’s renewable energy ecosystem.”
Wasco Greenergy Berhad is expected to be listed on the Main Market of Bursa Malaysia Securities Berhad in December 2025, marking a major milestone in its journey to becoming a key player in the region’s sustainable energy transition.