Market Mover | ELRIDGE Surged Over 36% on Its IPO Debut

Elridge Energy Holdings Berhad is a public limited company registered in Malaysia, primarily engaged in the manufacturing and trading of biomass fuel products, including palm kernel shells (PKS) and wood pellets. Through its subsidiary BESB, the company operates a factory in Port Klang with six PKS production lines and one wood pellet line, boasting a combined annual capacity of 720,000 MT for PKS and 36,000 MT for wood pellets as of the end of FYE 2023.

The company issued 350 million new ordinary shares: 80 million to the Malaysian public, 20 million for the company's eligible directors, employees, and contributors, and 250 million to Bumiputera investors approved by the Malaysian Ministry of Investment, Trade, and Industry through private placement. Concurrently, 350 million existing EEHB shares were sold to a select group of investors via private placement.

The funds raised, totaling RM101.50 million, will be allocated towards several key areas: the construction of a new factory and warehouse, land acquisition, the purchase of new machinery and equipment, replenishing working capital, and covering estimated listing expenses.