Megan Holdings, which provides construction and maintenance services for shrimp farms in Malaysia, raised $5 million by offering 1.3 million shares at $4, the low end of the range of $4 to $6. At pricing, the company commands a market cap of $65 million.
Megan Holdings provides services to aquaculture farms in Malaysia, primarily consisting of the construction of new farms and the upgrading of existing farms. In 2023, 62% of revenue came from the construction of new farms and 15% of revenue came from the upgrading of existing farms.
Megan Holdings plans to list on the Nasdaq under the symbol MGN. D. Boral Capital acted as sole bookrunner on the deal.
