VCI Global, which provides business and technology consulting services in Malaysia, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Kuala Lumpur, Malaysia-based company now plans to raise $8 million by offering 1.6 million shares at a price range of $4 to $6. The company had previously filed to offer 3 million shares at the same range. At the midpoint, VCI Global will raise 47% less in proceeds than previously anticipated. The IPO float is now just 4.3% of basic shares outstanding.
VCI Global is a multi-disciplinary consulting group with key advisory practices in the areas of business and technology. The company provides business and boardroom strategy services, investor relation services, and technology consultancy services. Its clients range from small-medium enterprises and government-linked agencies to publicly traded companies across a broad array of industries. VCI Global operates solely in Malaysia, with clients predominantly from Malaysia, but also serves some clients from China, Singapore, and the US.
VCI Global was founded in 2013 and booked $11 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol VCIG. Boustead Securities is the sole bookrunner on the deal.
