CBL International, which provides fueling logistic services to container ships in the Asia Pacific region, filed on Friday with the SEC to raise up to $17 million in an initial public offering.
The Kuala Lumpur, Malaysia-based company plans to raise $17 million by offering 3.8 million shares at a price range of $4 to $4.80. At the midpoint of the proposed range, CBL International would command a market cap of $110 million.
CBL International is a marine fuel logistics company providing solutions for vessel refueling, which is referred to as bunkering facilitator in the bunkering industry. Operating out of ports throughout East Asia and Southeast Asia, the company purchases marine fuel from suppliers and arranges for suppliers to deliver fuel to customers, nearly all of which are international container liner operators from outside of China and Hong Kong. However, nearly all of its revenue has been generated in China and Hong Kong, based on the location at which the marine fuel is delivered.
CBL International was founded in 2015 and booked $403 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol BANL. Pacific Century Securities is the sole bookrunner on the deal.
