05:35 PM EDT, 10/15/2024 (MT Newswires) -- PTL (PTLE) said late Tuesday it priced its initial public offering of about 1.3 million ordinary shares at $4 per share for expected gross proceeds of $5 million.

Underwriters have been granted a 45-day option to buy up to 187,500 additional shares at the IPO price.

Shares of PTL, a Hong Kong-based bunkering services provider serving the Asia Pacific market, are set to begin trading on Nasdaq Capital Market on Wednesday under the ticker symbol "PTLE." The IPO is scheduled to close Thursday.

Proceeds from the IPO will be used for vessels acquisition, increasing inventory position to secure favorable volume discounts and credit terms, establishing a price hedging mechanism, and other general corporate purposes.