PTL Limited, which provides fueling logistic services to commercial ships in the Asia Pacific region, raised $5 million by offering 1.25 million shares at $4.00, the low end of the range of $4.00 to $6.00.
The Singapore-based company is a facilitator of bunkering, 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.
PTL plans to list on the Nasdaq under the symbol PTLE. Dominari Securities acted as lead underwriter on the deal.
