Agroz Raises $5 Mln In 1.25 Mln Shares IPO At $4/shr

(RTTNews) - Agroz Inc. (AGRZ), an integrated agricultural technology company, on Thursday announced closing of its initial public offering of 1.25 million shares at a price of $4 per share for gross proceeds of approximately $5 million.

The company's ordinary shares began trading on the Nasdaq Capital Market under the ticker "AGRZ" on October 1.

Agroz aims to use the net proceeds from the offering for capital expenditures, operating expenses, research and development, marketing, and for acquisitions of specific companies that are yet to be decided.

US Tiger Securities, Inc. acted as sole book runner for the Offering. The company has given the underwriter up to 45 days to purchase additional 187,500 ordinary shares at the IPO price.

In the initial trading on the Nasdaq, Agroz shares lost 8.65% on Thursday to close at $2.85.

In the after-hours trading, the shares traded 0.70 percent lower at $2.83.