PTL (PTLE) said Wednesday the underwriters of the company's initial public offering exercised an overallotment option in full, raising an additional $750,000 for the operator of marine fuel logistics services.
Underwriters purchased 187,500 shares at the IPO price of $4 apiece, boosting the full offering to almost 1.44 million shares. the company said.
The Hong Kong-based company plans to use $5.75 million in full IPO proceeds on vessel acquisitions, price hedging, increasing inventory and general working capital.
Price: 4.14, Change: -0.03, Percent Change: -0.72
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.