KUALA LUMPUR: Reservoir Link Energy Bhd's subsidiary, Founder Group Limited (FGL), has priced its initial public offering (IPO) at US$4.00 per share, raising gross proceeds of US$4.875 million.
The IPO comprises 1,218,750 ordinary shares, with an option to sell an additional 182,813 shares if the underwriter exercises its over-allotment option within 45 days.
FGL shares are set to begin trading on the Nasdaq Capital Market on Oct 23, 2024.
The IPO is expected to close on Oct 24, 2024, pending customary closing conditions.
The offering was conducted under a registration statement filed with and approved by the U.S. Securities and Exchange Commission (SEC), with the final prospectus available on the SEC's website or by contacting US Tiger Securities.
FGL is a pure-play, end-to-end EPCC solutions provider for solar PV facilities in Malaysia. The company focuses on two key segments: large-scale solar projects and commercial and industrial solar projects.