FBS Global (FBGL) said Friday it closed its initial public offering of 2.25 million shares on Nasdaq, with gross proceeds of $10.1 million.
The shares were sold at $4.50 each and began trading on the Nasdaq Capital Market Thursday.
Underwriters have a 45-day option to buy up to 337,500 additional shares at the IPO price to cover any overallotments, the company said.
The company said it plans to use the net proceeds from the IPO to expand its business, fund research and development efforts and for other general corporate purposes.
Shares of FBS Global were down nearly 16% in recent trading.
Price: 2.90, Change: -0.55, Percent Change: -15.94
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