Shares of Founder Group Ltd (NASDAQ: FGL), a Malaysian solar engineering and construction company, soared by 25% on Tuesday after the company priced its initial public offering (IPO) at $4 per share, raising approximately $4.9 million in gross proceeds.
The IPO saw Founder Group offering 1.2 million ordinary shares, with underwriters granted a 45-day option to purchase up to an additional 182,813 shares. The company's stock began trading on the Nasdaq Capital Market on Wednesday under the ticker symbol "FGL".
Founder Group is a pure-play, end-to-end engineering, procurement, construction and commissioning (EPCC) solutions provider for solar PV facilities in Malaysia. The company's IPO proceeds will help fuel its growth and expansion plans in the promising solar energy sector.
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