Shares of Founder Group Ltd (NASDAQ: FGL), a Malaysian solar engineering and construction company, surged 8.86% in after-hours trading on Tuesday following a successful pricing of its initial public offering (IPO).
The company priced its IPO at $4 per share, raising approximately $4.9 million in gross proceeds. Founder Group offered 1.2 million ordinary shares, with underwriters granted an option to purchase up to an additional 182,813 shares within 45 days.
Founder Group is a pure-play provider of end-to-end engineering, procurement, construction and commissioning solutions for solar photovoltaic facilities in Malaysia. The IPO proceeds will help fuel the company's growth and expansion plans in the burgeoning solar energy sector, which has seen rising demand amid the global shift towards renewable sources.
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