FBS Global (FBGL) Registration Filing summary

Company overview and business model

• Operates as a Singapore-based green building contractor and interior fit-out specialist with over 20 years of experience in institutional, residential, commercial, and industrial projects.

• Focuses on sustainable construction methods and materials, aiming to lead in green building solutions in Singapore and ASEAN.

• Services include design, supply, and installation of ceilings, partitions, timber decks, and other interior elements, as well as main construction works.

• Recognized for projects with BCA Green Mark Awards and a strong track record in hospital and commercial developments.

• Business growth strategy centers on expanding green solutions, regional expansion, and supply chain integration.

Financial performance and metrics

• Revenue for FY2023 was S$21.8 million (US$16.1 million), up 29.6% from S$16.8 million in FY2022, driven by larger projects.

• Net income for FY2023 was S$4,685 (US$3,467), down from S$68,627 in FY2022, due to higher operating expenses and credit loss provisions.

• Gross profit for FY2023 was S$2.6 million (US$2.0 million), with a margin of 12.1%, slightly down from 13.0% in FY2022.

• As of June 30, 2024, cash balance was S$4.6 million (US$3.4 million), with total assets of S$17.7 million (US$13.1 million) and total liabilities of S$12.6 million (US$9.3 million).

• Working capital was negative S$213,365 (US$157,888) as of June 30, 2024, compared to positive S$1.2 million at year-end 2023.

Use of proceeds and capital allocation

• Net proceeds of approximately $8.5 million (at $4.50/share IPO price) are planned for: 30% M&A, partnerships, and business development; 30% expansion and hiring; 30% R&D and AI analytics for green materials; 10% working capital and general corporate purposes.

• Management will prioritize projects based on market conditions and may seek alternative financing if needed.