The Kuala Lumpur-based power company plans to submit its draft prospectus to the regulator as soon as the end of this month, said the sources, asking not to be identified as the process is private.

Leader Energy may raise between RM1 billion and RM2 billion and is targeting a December trading debut, according to them.

The power firm, a wholly-owned subsidiary of Penang businessman H’ng Bok San’s investment firm HNG Capital Bhd, explored a Singapore listing in 2018, Bloomberg News reported at the time.

Deliberations are ongoing and details of the listing such as the timeline and size could change, the sources said.

A representative for HNG Capital didn’t immediately respond to requests for comment.

At RM2 billion, the first-time share sale would surpass the RM1.5 billion raised in 2020 by Malaysia’s biggest home improvement retailer, Mr DIY Group (M) Bhd, and would be the largest since Lotte Chemical Titan Holding Bhd’s RM3.8 billion share sale in 2017, according to data compiled by Bloomberg.

Leader Energy’s potential listing would also boost the Southeast Asian nation’s IPO market.

Kuala Lumpur hosted $367 million (RM1.6 billion) worth of first-time share sales in the year to date, down 17% from the same period in 2022.

The company started its first project in 1994 to build a diesel generation plant in Phnom Penh, Cambodia, according to its website.

It has power plants in seven markets across Southeast Asia and Taiwan, with gross installed capacity of about 832MW.

Leader Energy’s portfolio includes rooftop solar projects alongside diverse holdings in solar, wind, hydro, high-voltage transmission systems and coal-fired power plants, according to the website.

Going forward, it plans to invest only in renewable energy systems.