TMD Energy (TMDE) said Monday it has priced an initial public offering of 3.1 million shares at $3.25 apiece, expecting to raise about $10.1 million in gross proceeds.

The underwriter was granted a 45-day option to buy up to 465,000 additional shares at the offering price, the company said, adding that gross proceeds will likely rise to about $11.6 million if the underwriter exercises this option.

TMD Energy said it intends to allocate the net proceeds toward buying cargo oil, defraying costs, and other general corporate purposes.

The company also said the shares will likely start trading Monday on the NYSE American stock exchange and the offering is scheduled to be completed Tuesday.