Founder Group, a Malaysian provider of engineering and construction services for solar projects, lowered the proposed deal size for its upcoming IPO on Friday.
The Klang, Malaysia-based company now plans to raise $7 million by offering 1.6 million shares at a price range of $4 to $5. The company had previously filed to offer 2.5 million shares at the same range. At the revised deal size, Founder Group will raise -35% less in proceeds than previously anticipated and command a market cap of $78 million.
The company describes itself as a pure-play end-to-end provider of engineering, procurement, construction, and commissioning services for solar projects in Malaysia. The company works on large-scale projects and other other commercial and industrial projects. The company also provides operation and maintenance services to its clients.
Founder Group was founded in 2021 and plans to list on the Nasdaq under the symbol FGL. Tiger Brokers is the sole bookrunner on the deal.
