TMD Energy, a Malaysian provider of fuel bunkering services being spun out of Straits Energy Resources, raised $10 million by offering 3.1 million shares at $3.25, the low end of the range of $3.25 to $3.75.
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 provides services 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 plans to list on the NYSE American under the symbol TMDE. Maxim Group LLC acted as sole bookrunner on the deal.
