PTL, which provides fueling logistic services to commercial ships in the Asia Pacific region, filed on Tuesday with the SEC to raise up to $6 million in an initial public offering.
The Singapore-based company plans to raise $6 million by offering 1.3 million shares at a price range of $4 to $6. At the midpoint of the proposed range, PTL would command a market cap of $63 million.
PTL is a bunkering facilitator providing marine fuel logistics services for vessel refueling, primarily container ships, bulk carriers, general cargo vessels, and chemical tankers. Operating out of seven ports throughout Asia Pacific and the Middle East, the company purchases marine fuel from suppliers and arranges for suppliers to deliver fuel to customers.
The Singapore, Singapore-based company was founded in 2013 and plans to list on the Nasdaq under the symbol PTLE. PTL filed confidentially on March 29, 2024. Pacific Century Securities is the sole bookrunner on the deal.
