Graphjet Technology eyes Nasdaq debut with US$1.49bil valuation

KUALA LUMPUR: Graphjet Technology Sdn Bhd, a green graphite producer, is eyeing a Nasdaq debut with a US$1.49 billion (RM7.10 billion) pro-forma enterprise value following the greenlighting of its de-Spac transaction by the United States Securities and Exchange Commission.

Graphjet said this development is a milestone in its journey towards becoming a publicly traded entity that not only signifies the company’s business growth but also its commitment to shaping a green supply chain ecosystem globally.

A de-Spac is a process that enables a privately held operating company to become public by merging with an already-public shell company known as a special-purpose acquisition company (Spac). Following the merger’s completion, the operating company becomes public and can use the dissolved shell company’s capital.

In a statement today, its co-founder and chief executive officer, Aiden Lee Ping Wei, said the company’s success is rooted in continuous innovation, especially in green technology.

“Our research efforts ensure we remain at the forefront of sustainable graphite production. We are not just producing green graphite but also at the forefront of developing advanced green battery anode materials. This move underscores our role in the global shift towards renewable energy solutions.

“This is a prime example of how local resources can fuel global technological advancements. This listing is more than a corporate milestone; it is a message about Malaysia’s role in the sustainable technology narrative,” he said.

Graphjet shared that the company actively participates in global efforts to establish sustainable supply chains in the battery and graphite industries.

“Our products stand at the intersection of efficiency and sustainability, offering customers innovative solutions that meet the escalating demand for environmentally friendly materials,” it said.

The company pointed out that its success is not just a corporate triumph but heralds a new era for Malaysia’s economy as its growth will spur job creation and invigorate local industries, fostering a robust economic ecosystem centred on sustainable practices.

“Graphjet’s focus on environmental, social, and governance principles has been integral to its business model. By prioritising sustainable practices, Graphjet is adhering to its corporate responsibility and addressing the growing global demand for environmentally friendly products,” it added. – BK