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TMD Energy Limited (NYSE: TMDE), a Malaysia and Singapore-based integrated bunkering services provider, has announced its strategic expansion into oil waste collection. The initiative focuses on collecting sludge oil and used cooking oil to be sold to third-party partners for biodiesel production. Following its recent IPO, TMDE plans to leverage its logistics network to collect residual oils from maritime operators and the food industry.
The company aims to capitalize on Malaysia's growing biodiesel market, supported by government incentives. According to Chairman and CEO Dato' Sri Kam Choy Ho, TMDE plans to eventually engage in biodiesel processing and distribution, positioning itself as a key player in Southeast Asia's green energy transition. This expansion aligns with the company's ESG commitments and Malaysia's renewable energy goals.
TMD Energy (NYSE: TMDE) has successfully completed its Initial Public Offering (IPO), raising approximately $10.08 million in gross proceeds. The company offered 3,100,000 ordinary shares at $3.25 per share, which began trading on the NYSE American on April 21, 2025.
The Malaysia and Singapore-based company, which specializes in integrated bunkering services including ship-to-ship marine fuel transfers, ship management, and vessel chartering, has granted underwriters a 45-day option to purchase up to 465,000 additional shares to cover potential over-allotments.
The net proceeds will be allocated to three main purposes: purchasing cargo oil, covering listing expenses, and supporting working capital and general corporate needs. Maxim Group served as the sole book-running manager for the offering.
TMD Energy (NYSE American: TMDE), a Malaysia and Singapore-based integrated bunkering services provider, has announced the pricing of its Initial Public Offering (IPO) of 3,100,000 ordinary shares at US$3.25 per share, raising gross proceeds of approximately US$10.08 million.
Trading will commence on April 21, 2025 on the NYSE American under the symbol 'TMDE', with the offering expected to close on April 22, 2025. The underwriter, Maxim Group , has a 45-day option to purchase up to 465,000 additional shares, potentially increasing total gross proceeds to US$11.59 million.
The company plans to use the proceeds for:
- Purchase of cargo oil
- Defraying listing expenses
- Working capital and general corporate purposes
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