Reservoir Link unit likely to list on Nasdaq in 3Q

FILE PHOTO: The Nasdaq Market site is seen in New York City, U.S., March 26, 2024. REUTERS/Brendan McDermid/File Photo

KUCHING: Reservoir Link Energy Bhd’s (RLEB) 51%-owned subsidiary Founder Group Ltd (FGL), which is targeting a listing on the Nasdaq Stock Exchange soon, says the issue price of shares under its initial public offering (IPO) will be at least US$4 each.

Based on the assumed IPO price of US$4 per issue share, the floating exercise is expected to raise up to US$21.16mil under the maximum scenario and US$4.6mil under the minimum scenario, said chairman Datuk Tai Hee.