Malaysia ship refueling company TMD Energy(TMDE.US) plans to go public in the United States, aiming to raise $11 million.

TMD Energy, a Malaysian fuel bunkering service provider spun off from Straits Energy Resources, submitted an application for a U.S. stock market listing to the Securities and Exchange Commission (SEC) on Tuesday, planning to raise up to $11 million in funds through an initial public offering (IPO). It is understood that the ship fuel company, headquartered in Kuala Lumpur, Malaysia, plans to issue 3.1 million shares of stock at a price range of $3.25 to $3.75 per share, aiming to raise $11 million. At the midpoint of the proposed range, TMD Energy will have a total market value of approximately $81 million. Public information shows that TMD Energy's business is focused on providing bunkering services for ships, specializing in the supply of natural gas and fuel oil for large vessels, as well as sales network. The company operates in 19 ports in Malaysia, and operates 15 large bunkering vessels, providing ship-to-ship bunkering services. Its comprehensive bunkering service range can meet various types of maritime vessels, including container ships, oil tankers, large cruise ships, and accommodation work barges. TMD Energy also provides bunkering services for offshore structures such as semi-submersible drilling platforms, jack-up rigs, self-elevating drilling platforms, and drilling ships. Established in 2016, TMD Energy had accumulated revenues of approximately $728 million as of the 12-month period ending June 30, 2024. The company plans to list on the NYSE American under the stock symbol "TMDE". The company had previously submitted its application in secret on June 11, 2024. Maxim Group LLC is the sole bookrunner for the IPO transaction.