- TMD Energy Limited (TMDE, Financial) successfully raised $10.08 million in its Initial Public Offering (IPO).
- The company issued 3,100,000 ordinary shares at $3.25 each, with options for underwriters to purchase an additional 465,000 shares.
- Proceeds will support cargo oil purchases, listing expenses, and general corporate needs.
TMD Energy Limited (TMDE), a Malaysia and Singapore-based services provider, has officially completed its Initial Public Offering (IPO), generating approximately $10.08 million in gross proceeds. The company offered 3,100,000 ordinary shares, each priced at $3.25, which began trading on the NYSE American on April 21, 2025.
In addition to the initial offering, TMD Energy has granted underwriters a 45-day window to purchase up to an additional 465,000 shares at the IPO price. This provision aims to cover any potential over-allotments and stabilize post-IPO trading.
TMD Energy, known for its integrated bunkering services including ship-to-ship marine fuel transfer, ship management, and vessel chartering, plans to utilize the net proceeds from the IPO for multiple purposes. Key areas of investment include purchasing cargo oil, defraying the costs associated with listing, and supporting working capital as well as other general corporate needs.
The IPO marks a significant transition for TMD Energy as it opens access to capital markets, enabling further expansion and development of its maritime services sector. Maxim Group served as the sole book-running manager for this offering.
