FGI Industries, a kitchen and bath products supplier being spun out of Foremost Groups, raised $15 million by offering 2.5 million units at $6, the low end of the range of $6 to $8. Each unit consists of one share of common stock and one warrant, exercisable at the IPO price. Because the offering contained warrants, FGI Industries will be excluded from Renaissance Capital's stats.
FGI states that it is a leading global supplier of kitchen and bath products currently focused on sanitaryware, bath furniture, shower systems, customer kitchen cabinetry, and other accessory items. The company sells its products through numerous customer partners, including mass retail centers, wholesale and commercial distributors, online retailers, and specialty stores.
FGI Industries plans to list on the Nasdaq under the symbol FGI. The Benchmark Company and Northland Securities acted as joint bookrunners on the deal.
