CBL International, which provides fueling logistic services to container ships in the Asia Pacific region, raised $13 million by offering 3.3 million shares at $4.00, the low end of the range of $4.00 to $4.80. The company offered 0.4 million fewer shares than anticipated.
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.
CBL International plans to list on the Nasdaq under the symbol BANL. Pacific Century Securities acted as sole bookrunner on the deal.
