Solar District Cooling announced the launch of its prospectus for its upcoming initial public offering on the ACE Market of Bursa Malaysia Securities Berhad with the target to raise RM45.09 million via the issuance of 118.67 million shares at the issue price of RM0.38 per share.

The company is principally involved in the provision and maintenance of BMS, solar thermal systems and energy saving services. The Group has a proven track record of enhancing energy efficiency across healthcare, hospitality and industrial sectors. SDCG Group is involved in providing energy performance services to the concession companies that are providing hospital support services for public hospitals. The concessionaires engaged SDCG Group as a subcontractor to carry out energy efficiency work related to the installation of hybrid solar thermal hot water systems, and for some contracts, retrofitting of fluorescent lighting of LED lighting.

The gorup aims to use the funding for expansion of its headquarters, issuance of tender bonds for future projects, purchase of materiasna and equipments.

Applications for the IPO will open at 10:00 a.m. today, following the prospectus launch, and will close on 6 September 2024. SDCG is scheduled to list on the ACE Market on 19 September 2024. At the IPO price of RM0.38 per share, the market capitalisation of the company upon listing will be RM161.05 million.