Uni-Fuels Raises US$8.4 Mln In Successful IPO Closing

KUALA LUMPUR, Jan 16 (Bernama) -- Uni-Fuels Holdings Limited (Uni-Fuels) has successfully closed its underwritten initial public offering (IPO) of 2,100,000 Class A Ordinary Shares at a public offering price of US$4.00 per share, raising total gross proceeds of US$8.4 million before underwriting discounts and commissions. (US$1 = RM4.49)

All of the Class A Ordinary Shares are being offered by Uni-Fuels, according to a statement.

The IPO, which closed on Jan 15, began trading on the Nasdaq Capital Market on Jan 14, under the ticker symbol “UFG”.

In addition, the company has granted the underwriters an option to purchase up to 315,000 additional shares within 45 days of the effective date of its registration statement in relation to the IPO.

The company plans to use the proceeds from the IPO for several strategic purposes, including expanding its reselling activities to capture a larger market share, strengthening its workforce, and expanding its market presence in new geographical locations.

Additionally, the funds will also be utilised for general corporate purposes and as cash reserves.

The IPO was conducted on a firm commitment basis with R. F. Lafferty & Co Inc, serving as the sole book-running manager.

Founded in 2021, Singapore-headquartered Uni-Fuels is a global provider of marine fuel solutions and has evolved from modest beginnings into a dynamic, forward-thinking company.

-- BERNAMA