PTL Limited(PTLE), the parent of Petrolink Energy Limited of Hong Kong, priced its micro-IPO at $4.00 – the low end of its range – and sold 1.25 million shares – the number of shares in the prospectus – to raise $5.0 million on Tuesday night, Oct. 15, 2024. The terms in the prospectus called for a price range of $4.00 to $6.00. PTL Limited’s stock opened at $4.25 – up 25 cents from its IPO price – at 10:45 a.m. EDT today – Wednesday, Oct. 16, 2024 – on the NASDAQ. By 10:55 a.m. EDT, PTL Limited’s stock had given up some gains to trade at $4.08 – up 8 cents from its IPO price – in NASDAQ trading. PTL Limited’s stock closed its first day of trading at $4.07 – up 7 cents – on NASDAQ volume of 2,666,218 shares.
PTL Limited had a market cap of $50.0 million, based on the IPO’s low-end pricing at $4.00 a share.
Dominari served as the lead book-runner with Revere Securities as an underwriter.
Petrolink Energy Limited is a marine fuel bunkering facilitator based in Hong Kong. Nearly all of its revenue for the fiscal years that ended Dec. 31, 2023, and Dec. 31, 2022, was generated by the delivery of marine fuel to customers in Hong Kong ports. Other delivery locations include United Arab Emirates, Singapore, Saudi Arabia, and mainland China, according to the prospectus.
PTL Limited, the holding company, issued the stock in the IPO. The holding company is incorporated in the British Virgin Islands and based in Singapore, according to the prospectus. The company was founded in 2013. PTL Limited said in the prospectus that it conducts its business through its operating subsidiary, Petrolink Energy Limited, based in Hong Kong.
There’s money in the marine fuel bunkering business. PTL Limited, the holding company, reported net income of $0.94 million – or $940,000 – on revenue of $102.11 million for the year that ended Dec. 31, 2023.
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