Uni-Fuels raises $11.5m in US maiden offering

Proceeds will be used for boosting reselling activities.

Uni-Fuels Holdings Limited has raised $11.5m (US$8.4m) from its initial public offering (IPO) on the Nasdaq Stock Market, making it the first Singapore-based marine fuel provider to be listed in the US.

In a statement, the company said the underwritten IPO offered 2,100,000 Class A Ordinary Shares at $5.48 (US$4) per share. The offering closed on 15 January, and the stocks commenced trading on 14 January under the ticker symbol “UFG.”

Uni-Fuels has granted the Underwriters an option to purchase up to 315,000 additional shares within 45 days of the effective date of the company’s registration statement in relation to the IPO.

Proceeds from the IPO will be allocated for scaling up reselling activities to gain market share from existing and new markets, strengthening workforce and expanding its market presence, and as cash reserve and general corporate purposes.

Uni-Fuels CEO Koh Kuan Hua also said the company plans to enhance its present offerings to customers and accelerate its provision of alternative marine fuels, such as biofuel and liquefied natural gas, that align with global regulatory decarbonisation requirements.

R. F. Lafferty & Co., Inc. acted as the sole book-running manager for the IPO.

$1 = US$0.73