Founder Group Limited, a Malaysian solar engineering firm, has priced its initial public offering (IPO) in the US at USD 4.00 per share, raising gross proceeds of USD 4.875 million.
This figure is at the low end of the targeted range of USD 4.00-5.00 per share. The company offered nearly 1.22 million ordinary shares in the IPO and has granted underwriters a 45-day option to purchase an additional 182,813 shares at the same price.
The solar firm, headquartered in Klang, Malaysia, is set to debut on the Nasdaq Capital Market under the ticker symbol “FGL” on October 23. Initially, the company aimed to sell 2.5 million shares but scaled back the offering by around 35% in September.
Founder Group specializes in engineering, procurement, construction, and commissioning (EPCC) services for large-scale and commercial and industrial (C&I) solar projects in Malaysia. Prior to the IPO, Reservoir Link Energy Bhd was its major shareholder, with a 48.73% stake, while CEO Lee Seng Chi held a 30.78% share in the company.
