WallachBeth Capital Announces Closing Of FBS Global LTD Initial Public Offering

Rhea-AI Summary

FBS Global (NASDAQ: FBGL), a Singapore-based green building contractor, has completed its initial public offering, raising $10.125 million in gross proceeds. The company offered 2,250,000 ordinary shares at $4.50 per share. Trading began on the Nasdaq Capital Market on February 6, 2025, under the symbol 'FBGL'.

The company granted underwriters a 45-day option to purchase up to 337,500 additional shares (15% of the offering) at the public offering price. WallachBeth Capital serves as the sole book-running manager, with Revere Securities as co-manager. The net proceeds will fund business expansion, research and development in green building materials, potential strategic partnerships, and general corporate purposes.

Positive

• Successfully raised $10.125 million in gross proceeds through IPO
• Listed on Nasdaq Capital Market, providing increased visibility and access to capital
• Focused on growing green building sector with sustainable materials

Negative

• Potential dilution if underwriters exercise their option for additional 337,500 shares

Insights

Investment Banking Analyst

The closing of FBS Global's IPO reveals several noteworthy aspects for investors. The $10.125 million raise, while modest by NASDAQ standards, provides essential capital for the company's growth initiatives in the expanding green construction sector. The pricing at $4.50 and relatively small float of 2.25 million shares suggests a targeted approach to public markets, though it may initially result in liquidity for investors.

The use of proceeds, focused on business expansion and R&D in green building materials, indicates a strategic emphasis on organic growth rather than immediate acquisitions. This approach, while potentially slower, may prove more sustainable in the specialized green construction market. The selection of WallachBeth Capital as sole book-runner, a mid-tier investment bank, aligns with the offering's size but may impact post-IPO research coverage and institutional support.

Critical considerations for investors include:

• The 45-day overallotment option of 337,500 shares provides a stabilization mechanism but represents only 15% of the base offering
• The company's Singapore base offers access to Asia's growing sustainable construction market but may present regulatory and operational complexity for U.S. investors
• The timing amid challenging market conditions for small-cap IPOs suggests confidence in the company's growth narrative, though execution will be crucial

JERSEY CITY, N.J., Feb. 7, 2025 /PRNewswire/ -- WallachBeth Capital LLC, a leading provider of capital markets and institutional execution services, announced that FBS Global Limited ("FBS Global" or the "Company") (NASDAQ: FBGL), a green building contractor with award-winning projects using green construction methods and sustainably-source and environmentally responsible materials based in Singapore, announced the closing of its initial public offering (the "Offering") of 2,250,000 ordinary shares par value US$0.001 per share at a price of US$4.50 per share to the public, for a total of US$10,125,000 of gross proceeds to the Company, before deducting underwriting discounts and other offering expenses.

The ordinary shares began trading on the Nasdaq Capital Market on February 6 , 2025, under the symbol "FBGL." The Company intends to use the net proceeds for business expansion efforts, research and development regarding green building materials, potential strategic partnerships and for other general corporate purposes.

The Company has granted a 45-day option to the underwriters to purchase up to 337,500 additional ordinary shares, representing 15% of the ordinary shares sold in this Offering, at the public offering price, less the underwriting discounts, solely to cover over-allotments, if any.

WallachBeth Capital LLC is acting as the sole book-running manager of the Offering, and Revere Securities LLC is acting as the co-manager to the Offering. TroyGould PC is acting as U.S. counsel to the Company, and Ortoli Rosenstadt LLP is acting as U.S. securities counsel to WallachBeth Capital LLC in connection with the Offering. 

The Offering was conducted pursuant to the Company's registration statement on Form F-1, as amended (File No. 333-283619) which was filed with the United States Securities and Exchange Commission (the "SEC") and was declared effective by the SEC on February 5, 2025. The Offering was made by means of a prospectus, forming part of the registration statement. Copies of the final prospectus related to the Offering may be obtained, when available, from WallachBeth Capital LLC, Harborside Financial Center Plaza 5, 185 Hudson Street, Ste 1410, Jersey City, NJ 07311, by email at cap-mkts@wallachbeth.com, or by telephone at +1-(646) 237-8585. In addition, a copy of the final prospectus, when available, relating to the Offering may be obtained via the SEC's website at www.sec.gov.

This press release has been prepared for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

 About WallachBeth Capital LLC

WallachBeth Capital offers a robust range of capital markets and investment banking services to the healthcare community, connecting corporate clients with leading institutions, creating value for both issuers and investors. The firm's experience includes initial public offerings, follow-on issues, PIPE offerings, and private transactions and ATM's.

Forward-Looking Statements

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and the completion of the public offering on the anticipated terms or at all, and other factors discussed in the "Risk Factors" section of the preliminary prospectus filed with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and FBS Global Limited specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

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SOURCE WallachBeth Capital LLC

FAQ

How much did FBS Global (FBGL) raise in its IPO?

FBS Global raised $10.125 million in gross proceeds through its IPO by offering 2,250,000 ordinary shares at $4.50 per share.

What is the IPO price of FBS Global (FBGL) shares?

FBS Global's IPO price was set at $4.50 per ordinary share.

When did FBS Global (FBGL) begin trading on Nasdaq?

FBS Global began trading on the Nasdaq Capital Market on February 6, 2025, under the symbol 'FBGL'.

How will FBS Global (FBGL) use its IPO proceeds?

FBS Global plans to use the net proceeds for business expansion, research and development in green building materials, potential strategic partnerships, and general corporate purposes.

What is the over-allotment option in FBS Global's (FBGL) IPO?

Underwriters have a 45-day option to purchase up to 337,500 additional shares (15% of the offering) at the public offering price to cover over-allotments.