TMD Energy Limited Announces Closing of Initial Public Offering
Rhea-AI Summary
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.
Positive
- Successfully raised $10.08 million in gross proceeds through IPO
- Achieved NYSE American listing, providing access to U.S. capital markets
- Secured working capital for cargo oil purchases and business expansion
Negative
- Small IPO size may limit institutional investor interest
- Potential dilution if over-allotment option is exercised
- Significant portion of proceeds allocated to listing expenses rather than growth
Insights
TMD Energy completed its IPO raising $10.08M with shares now trading above offering price, providing capital for cargo oil and operations.
TMD Energy has successfully completed its initial public offering (IPO), raising
The company has granted underwriters a 45-day option to purchase up to an additional 465,000 shares at the IPO price to cover potential over-allotments, a standard mechanism to help stabilize post-IPO trading. Maxim Group served as the sole book-running manager for the offering.
TMD Energy operates in the maritime services sector, providing integrated bunkering services (ship-to-ship fuel transfer), ship management, and vessel chartering primarily in Malaysia and Singapore. The company has clearly defined its intended use of proceeds, allocating funds toward:
- Purchasing cargo oil
- Covering listing expenses
- General working capital and corporate purposes
The completion of this IPO represents a significant milestone for TMD Energy, transitioning from private to public ownership and providing access to capital markets. The filing history shows the registration statement was initially submitted on December 10, 2024, and received SEC approval on March 31, 2025, indicating a standard timeline for the IPO process.
KUALA LUMPUR, MALAYSIA, April 22, 2025 (GLOBE NEWSWIRE) -- TMD Energy Limited (the “Company”) (NYSE American: TMDE), together with its subsidiaries is a Malaysia and Singapore based services provider engaged in integrated bunkering services which involves ship-to-ship transfer of marine fuels, ship management services and vessel chartering services, today announced the closing of its previously announced initial public offering of 3,100,000 ordinary shares, par value US
In addition, the Company has granted the underwriters an option, exercisable within 45 days from the closing date of the Offering, to purchase up to an additional 465,000 Shares at the public offering price, less underwriting discounts, to cover the over-allotment option, if any.
The Company intends to use the net proceeds from the Offering for (i) the purchase of cargo oil; (ii) defraying listing expenses; and (iii) working capital and other general corporate purposes.
Maxim Group LLC (“Maxim”) acted as sole book-running manager of the Offering. Loeb & Loeb LLP acted as legal counsel to the Company, and Pryor Cashman LLP acted as legal counsel to Maxim Group LLC in connection with the Offering.
A registration statement on Form F-1, as amended (File No.: 333-283704) relating to the Offering was initially filed with the Securities and Exchange Commission (the “SEC”) on December 10, 2024 and was declared effective by the SEC on March 31, 2025. The Offering is being made only by means of a prospectus, forming a part of the registration statement. Copies of the final prospectus relating to the Offering may be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, NY 10022, United States of America or by email at syndicate@maximgrp.com. In addition, a copy of the prospectus relating to the Offering may be obtained via the SEC’s website at www.sec.gov.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy any of the Company’s securities, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation, or sale of any of the Company’s securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
About TMD Energy Limited
TMD Energy Limited and its subsidiaries (“TMDEL Group”) are principally involved in marine fuel bunkering services specializing in the supply and marketing of marine gas oil and marine fuel oil of which include high sulfur fuel oil, low sulfur fuel oil and very low sulfur fuel oil, to ships and vessels at sea. TMDEL Group is also involved in the provision of ship management services for in-house and external vessels, as well as vessel chartering. As of today, TMDEL Group operates in 19 ports across Malaysia with a fleet of 15 bunkering vessels. For more information, please visit the Company’s website at: www.tmdel.com.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements, including but not limited to, the Company's Offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “may”, “could”, “will”, “should”, “would”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “project” or “continue” or the negative of these terms or other comparable terminology. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC.
For investor and media inquiries, please contact:
TMD Energy Limited
Email: corporate@tmdel.com
WFS Investor Relations
Email : services@wealthfsllc.com
FAQ
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