Agroz Files For a $10M IPO to Expand Vertical Farming Operations

Key Takeaways

• Agroz, a Malaysia-based vertically-integrated indoor vertical farming operator, has filed for a $10 million IPO on Nasdaq under the symbol AGRZ.
• The company plans to offer 2.5 million shares at $4 each, with a proposed market valuation of $95 million.
• The company integrates technologies such as AI, IoT, and renewable energy to operate controlled environment agriculture (CEA) vertical farms.
• Recent initiatives include the development of the Agroz Farm Operating System (Agroz OS) and Agroz Copilot for Farmers using Microsoft AI and cloud technologies.
• The company is expanding operations in Malaysia, Indonesia, Thailand, and the Middle East.

Who is Agroz and How Does It Operate?

Agroz (Profile) is a vertically-integrated agricultural technology company focusing on controlled environment agriculture (CEA). Founded in 2020 and based in Petaling Jaya, Malaysia, Agroz designs, constructs, and operates vertical farms that produce fresh, pesticide-free vegetables.

The company also educates communities on farming practices and derives revenue from:

• Designing and building CEA vertical farms.
• Managing farm operations.
• Selling fresh produce to consumers and businesses.

In the 12 months ending June 30, 2024, Agroz reportedly reported $5 million in revenue.

What Are the Details of Agroz’s IPO?

According to Renaissance Capital, the company filed for a $10 million initial public offering, planning to offer 2.5 million shares at $4 per share. The IPO will give the company an estimated market valuation of $95 million. The Nasdaq listing will use the ticker symbol AGRZ, with Tiger Brokers as the sole bookrunner for the IPO.

What Technologies Are They Using?

Agroz integrates advanced technologies to improve farm efficiency and productivity. Recent developments include:

• Agroz OS: A platform combining operational and information technology to optimize vertical farm operations.
• Agroz Copilot for Farmers: An AI application built using Microsoft Azure OpenAI Service, designed to assist farmers in managing crops.

These systems incorporate Internet-of-Things (IoT) sensors, automation, environmental controls, and renewable energy to monitor and manage farm operations.

What Are The Expansion Plans?

The Malaysian company is planning to scale operations in Malaysia, Indonesia, Thailand, and the Middle East throughout 2024. This expansion is part of its Farming-as-a-Service (FaaS) model, which leverages technology to provide efficient and scalable farming solutions.

What Is Agroz Group’s Mission?

The company focuses on producing clean, nutrient-rich vegetables using advanced farming technologies. Its use of controlled environments and digitalized systems aims to improve food safety, reduce waste, and enhance sustainability.

According to founder Gerard Lim, “Agroz OS and Copilot for Farmers combine robust technology with plant science to ensure efficient operations and fresh produce.”