According to Zhichun Finance APP, TMD Energy, a Malaysian fuel supply service provider spun off from Straits Energy Resources, submitted a listing application to the USA Securities and Exchange Commission (SEC) on Tuesday, planning to raise up to $11 million through an initial public offering (IPO).

It is understood that the ship fuel company headquartered in Kuala Lumpur, Malaysia plans to issue 3.1 million shares at a price of $3.25 to $3.75 per share, aiming to raise $11 million. At the midpoint of the proposed range, TMD Energy will achieve a total market value of approximately $81 million.

Public information shows that TMD Energy's business focuses on providing ship fuel supply services, specializing in the supply services of Henry Hub Natural Gas and fuel oil for large ships and sales network. The company operates in 19 ports in Malaysia and operates 15 large fuel supply ships, providing ship-to-ship ship fuel transportation services. Its comprehensive fuel supply service range can meet the needs of various types of marine vessels, including container ships, tanker transport vessels, large cruise ships, and lodging work barges. TMD Energy also provides fuel supply services for offshore structures such as semi-submersible drilling platforms, lift boats, self-elevating drilling platforms, and drilling ships.

Founded in 2016, TMD Energy's revenue scaled approximately $0.728 billion for the 12 months ending June 30, 2024. The company plans to list on the USA Sector of the New York Stock Exchange, with the stock code tentatively set as "TMDE". The company previously submitted a confidential application on June 11, 2024. Maxim Group LLC is the sole bookrunner for this IPO transaction.