Micro-cap kitchen and bath products supplier FGI Industries adds warrants ahead of $18 million IPO

FGI Industries, a kitchen and bath products supplier being spun out of Foremost Groups, added warrants for its upcoming IPO on Tuesday.

The East Hanover, NJ-based company now plans to raise $18 million by offering 2.5 million units at a price range of $6 to $8. The company previously filed to offer 2.5 million shares at the same price range. Each unit consists of one share of common stock and one warrant, exercisable at the IPO price. At the midpoint of the proposed range, FGI Industries would still command a fully diluted market value of $68 million. Because the company is now offering warrants, FGI Industries is no longer eligible for tracking and will be excluded from Renaissance Capital's stats.

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.