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Investing.com -- TMD Energy Limited, a Malaysia and Singapore-based services provider in integrated bunkering services, ship management services, and vessel chartering services, commenced trading at $3.26 per share today, following its initial public offering (IPO) priced at $3.25 per share. The company, listed on the NYSE under the ticker symbol "TMDE," offered 3,100,000 ordinary shares, yielding gross proceeds of about $10.08 million before underwriting discounts and other related expenses.
The IPO, which took place on April 21, 2025, U.S. Eastern time, did not factor in the underwriter’s over-allotment option to purchase additional shares. If the underwriter exercises this 45-day option to acquire up to an additional 465,000 shares at the IPO price, the gross proceeds from the offering, prior to deducting underwriting discounts and other related expenses, could reach approximately $11.59 million.
Maxim Group LLC has been appointed as the sole book-running manager of the offering. TMD Energy, along with its subsidiaries, is engaged in ship-to-ship transfer of marine fuels, ship management services, and vessel chartering services, operating primarily in Malaysia and Singapore.
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