Micro-cap kitchen and bath products supplier FGI Industries sets terms for an $18 million IPO

FGI Industries, a kitchen and bath products supplier being spun out of Foremost Groups, announced terms for its IPO on Monday.

The East Hanover, NJ-based company plans to raise $18 million by offering 2.5 million shares at a price range of $6 to $8. At the midpoint of the proposed range, FGI Industries would command a fully diluted market value of $68 million.

FGI states that it is a leading global supplier of kitchen and bath products currently focused on sanitaryware, bath furniture, shower systems, customer kitchen cabinetry, and other accessory items. The company sells its products through numerous customer partners, including mass retail centers, wholesale and commercial distributors, online retailers, and specialty stores.

FGI Industries was founded in 1987 and booked $165 million in sales for the 12 months ended September 30, 2021. It plans to list on the Nasdaq under the symbol FGI. The Benchmark Company and Northland Securities are the joint bookrunners on the deal.