TMD Energy Limited, a Malaysia and Singapore-based provider of marine services, announced the successful completion of its initial public offering (IPO) on the NYSE American under the ticker symbol TMDE.
Through this IPO, TMD Energy sold 3.1 million ordinary shares at a public offering price of US$3.25 per share, raising gross proceeds of approximately US$10.08 million, before underwriting discounts and offering expenses.
The company, which specializes in bunkering services including ship-to-ship transfer of marine fuels, ship management, and vessel chartering began trading its shares on NYSE American on April 21, 2025.
Additionally, the company has granted underwriters an option to purchase up to 465,000 additional shares within 45 days from the offering’s closing date, if there is higher-than-expected demand.
TMD Energy intends to use the net proceeds from the offering for the purchasing cargo oil, covering listing expenses, working capital and other general corporate purposes.
Maxim Group LLC acted as the sole book-running manager for the offering, while Loeb & Loeb LLP served as legal counsel to the company, and Pryor Cashman LLP acted as legal counsel to Maxim Group LLC.
Shahriena Shukri is a journalist covering business and economic news in Malaysia, providing insights on market trends, corporate developments, and financial policies. More about Shahriena Shukri.
