TMD Energy Limited (TMDE) is making a strong debut on the NYSE American exchange, with its stock soaring 5.77% in intraday trading. The impressive performance comes as the company completes its initial public offering (IPO), marking its first day of public trading.

The energy company announced the pricing of its IPO at $3.25 per share, successfully raising approximately $10.08 million in gross proceeds. TMD Energy offered 3.1 million shares to the public, with an additional 45-day option granted to the underwriter to purchase up to 465,000 additional shares at the offering price. If fully exercised, this could potentially increase the total gross proceeds to about $11.6 million.

The strong market reception for TMD Energy's stock likely reflects investor optimism about the company's prospects and the general excitement often associated with newly listed companies. TMD Energy plans to use the net proceeds from the IPO for various purposes, including the purchase of cargo oil, cost coverage, and other general corporate needs. As the energy sector continues to evolve, investors appear eager to capitalize on new opportunities in the market, contributing to the positive momentum seen in TMD Energy's stock on its first trading day.