Founder Group, a Malaysian provider of engineering and construction services for solar projects, raised $4.9 million by offering 1.2 million shares at $4, the low end of the range of $4 to $5. The company offered 0.4 million fewer shares than anticipated.
Because the offering raised less than $5 million, Founder Group will be excluded from Renaissance Capital's 2024 IPO stats.
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 plans to list on the Nasdaq under the symbol FGL. Tiger Brokers acted as sole bookrunner on the deal.
