- TMD Energy (TMDE, Financial) prices its IPO at $3.25 per share, raising $10.08 million in gross proceeds.
- Trading commences April 21, 2025, on the NYSE American under the symbol 'TMDE'.
- Proceeds will fund cargo oil purchases, listing expenses, and general corporate purposes.
TMD Energy Limited, trading under the symbol TMDE on NYSE American, is set to make its debut on the public market with an initial public offering (IPO) of 3,100,000 ordinary shares priced at $3.25 each, resulting in approximately $10.08 million in gross proceeds. The marine fuel bunkering services provider, based in Malaysia and Singapore, will see its shares begin trading on April 21, 2025.
The company has granted a 45-day option for the underwriter, Maxim Group, to purchase up to 465,000 additional shares, potentially increasing the total proceeds to $11.59 million. This strategic move could significantly bolster TMD Energy's capital, allowing for key investments in core operations.
The proceeds from the offering are earmarked for essential business purposes, focusing primarily on the purchase of cargo oil, which is crucial for their ship-to-ship fuel transfer services. Additionally, funds will be used to cover listing expenses and to enhance working capital to support the company's growth and operational needs.
TMD Energy operates within the maritime logistics sector, offering an integrated service model that includes ship management services and vessel chartering in addition to its core bunkering operations. The company's listing on NYSE American, known for hosting growth-company stocks, provides increased visibility and access to U.S. capital markets.
