A total of 8.82 million shares changed hands at the opening bell.

Sunview, which is principally involved in engineering, procurement, construction and commissioning (EPCC) as well as the construction and installation services for solar photovoltaic (PV) facilities, is expected to raise RM34.22 million through the listing exercise.

Executive director and CEO Ong Hang Ping said RM20.10 million, or 58.72%, of the proceeds will be used to fund the group’s working capital requirements, and RM7 million, or 20.46%, will go towards repayment of bank borrowings.

Another RM1.86 million, or 5.42%, has been allocated for capital expenditure and RM1.67 million, or 4.88%, for business expansion.

The remaining RM3.60 million, or 10.52%, will be used to defray listing expenses.

Ong said the company aims to increase its market share to more than 10% next year from 4% last year on the back of a strong order book of RM558.34 million as of Aug 30, which will provide earnings visibility until 2024.

“There still are quotas and incentives from the government such as the net energy metering (NEM) scheme as well as an allocation and redistribution of a renewable energy (RE) quota of 1,200 megawatts for solar resources.

“So we believe there is an additional market for us to explore in the next few years,” he told a press conference after the company’s listing ceremony.

He said the company’s revenues are mainly from EPCC as well as large scale solar PV projects, adding that it has 35 ongoing solar PV-related EPCC projects with a total contract value of RM685.29 million.

Sunview is also planning to set up a new office in Johor to seek potential opportunities in EPCC and rooftop solar PV facilities.