TMD Energy, a Malaysian provider of fuel bunkering services being spun out of Straits Energy Resources, filed on Tuesday with the SEC to raise up to $11 million in an initial public offering.
The Kuala Lumpur, Malaysia-based company plans to raise $11 million by offering 3.1 million shares at a price range of $3.25 to $3.75. At the midpoint of the proposed range, TMD Energy would command a market value of $81 million.
TMD provides marine fuel bunkering services, specializing in the supply and marketing of marine gas and fuel oil. The company operates in 19 ports across Malaysia, and operates under a fleet of 15 bunkering vessels to provide ship-to-ship transfer of marine fuels. Its comprehensive range of bunkering services caters to various types of seafaring vessels, including container vessels, oil tankers, cruise ships, and accommodation work barges. TMD also provides fueling services to offshore structures such as semi-submersible rigs, jack-up rigs, and drillships.
TMD Energy was founded in 2016 and booked $728 million in revenue for the 12 months ended June 30, 2024. It plans to list on the NYSE American under the symbol TMDE. The company filed confidentially on June 11, 2024. Maxim Group LLC is the sole bookrunner on the deal.
