FBS Global has downsized its initial public offering to 1.875 million shares, expected to price between $4 and $5 a share.
The company previously said it would sell 2.75 million shares with an anticipated price of $4 a share.
FBS now expects net proceeds of $6.94 million before expenses, compared with the previous expectation of $10.18 million.
FBS Global is a holding company for a Singapore-based construction and engineering business.
The company said it planned to use proceeds for mergers and acquisitions, to expand existing locations, for research and development and for working capital and general corporate purposes.
In the six months ended June 30, 2023, the company reported a loss of $396,074 from revenue of $6.65 million.
The company has applied to list its shares on the Nasdaq under the ticker FBGL.
Chief Executive Kelvin Ang is listed as owning over 90% of the company prior to the offering, and is expected to control 71% of shares after the IPO.
Eddid Securities USA is acting as the underwriter of the offering.