PTL (PTLE.US), a fuel logistics platform, priced its IPO at $4-6 per share, planning to raise $6 million.
PTT, a Singapore-based fuel logistics provider for commercial ships in the Asia-Pacific region, filed an IPO with the U.S. Securities and Exchange Commission, planning to raise $6 million. PTT plans to issue 130,000 shares at a price range of $4 to $6 per share, raising $600,000. At the midpoint of the proposed range, PTT would have a market capitalization of $63 million.
PTT, based in Singapore, is a fuel logistics provider for ships, mainly container ships, bulk carriers, general cargo ships and chemical tankers. The company operates in seven ports in Asia-Pacific and the Middle East, buying ship fuel from suppliers and arranging for suppliers to deliver fuel to customers.
The Singapore-based company was founded in 2013 and plans to list on the Nasdaq, with the stock symbol PTTLE. PTT filed confidentially on March 29, 2024. Principe Securities is the sole bookrunner for the transaction.