January 2022

FGI Industries Competes Spin-off and IPO

Caribbean - Cayman Islands | United States - New Jersey

FGI Industries Ltd. completed its spin-off from parent Foremost Group into a new Cayman Islands company, followed by the announcement of its initial public offering (IPO). Faegre Drinker represented FGI Industries in both transactions. The $15 million IPO of units consisting of immediately separable shares and warrants began trading on the Nasdaq under the symbols “FGI" and “FGIWW" on January 25, 2022. The Benchmark Company and Northland Capital Markets served as the underwriters for the offering.

FGI Industries is a leading global supplier of kitchen and bath products focused on sanitaryware, shower systems, customer kitchen cabinetry and other accessory items, primarily for repair and remodel activity and, to a lesser extent, new home or commercial construction.

Read FGI Industries’ press release for more information on the deal.

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