Agroz (AGRZ) closed its initial public offering of 1.25 million common shares at $4 apiece for gross proceeds of $5 million.
Underwriters have a 45-day overallotment option to buy up to an additional 187,500 shares, the Kuala Lumpur-based agricultural technology company said Thursday in a statement.
Net proceeds will fund capital expenditures, research and development, marketing, and acquisitions, the company said.
The shares fell 8.7% to $2.85 in regular trading Thursday after dropping 22% in their Nasdaq debut on Wednesday.
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