Elridge Energy Holdings Bhd (EEH) has launched its IPO prospectus ahead of its listing on Bursa Malaysia’s ACE market. Specializing in biomass fuels like palm kernel shells (PKS) and wood pellets, EEH aims to leverage the growing global demand for renewable energy.
The IPO will offer 350 million shares, targeting to raise RM101.5 million for land acquisition, factory construction, and machinery. EEH anticipates a market cap of RM580 million post-listing.
The Asia Pacific biomass market is projected to grow significantly, with PKS forecasted to reach US$366.1 million and wood pellets US$12.5 billion by 2026. KAF Investment Bank is overseeing the IPO.
Elridge Energy
Executive director and CEO Oliver Yeo says the increasing global push for renewable energy sources has led to a rising demand for biomass fuel products, particularly in the Asia Pacific.
“The positive market outlook underscores the potential for biomass fuel products, which are recognised for their energy efficiency and environmental benefits, to contribute substantially to global energy needs and environmental goals.“
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