Fuel logistics service provider PTL (PTLE.US) IPO prices at $4-6 per share, aiming to raise $6 million.

PTL, a provider of fuel logistics services for commercial ships in the Asia-Pacific region, filed an IPO application with the U.S. Securities and Exchange Commission on Tuesday, planning to raise $6 million. PTL plans to issue 1.3 million shares of stock at a price range of $4 to $6 per share, raising $6 million. At the midpoint of the proposed range, PTL's market value would reach $63 million. Headquartered in Singapore, PTL is a service provider for refueling ships at sea, primarily catering to container ships, bulk carriers, general cargo ships, and chemical tankers. The company operates in seven ports in the Asia-Pacific and Middle East regions, purchasing marine fuel from suppliers and arranging for the fuel to be delivered to customers. Founded in Singapore in 2013, the company plans to list on the Nasdaq with the stock symbol PTLE. PTL submitted the application in secret on March 29, 2024. Yingke Securities is the sole bookrunner for this transaction.