Megan Holdings, which provides construction and maintenance services for shrimp farms in Malaysia, raised the proposed deal size for its upcoming IPO on Thursday.
The Kuala Lumpur, Malaysia-based company now plans to raise $13 million by offering 2.5 million shares at a price range of $4 to $6. The company had previously filed to offer 1.3 million shares at the same range. At the midpoint, Megan Holdings will raise 100% more in proceeds than previously anticipated.
Megan Holdings provides services to aquaculture farms in Malaysia, primarily consisting of the construction of new farms and the upgrading of existing farms.
Megan Holdings was founded in 2020 and booked $19 million in revenue for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol MGN. D. Boral Capital and Benjamin Securities are the joint bookrunners on the deal.
