12:00 PM EST, 11/06/2024 (MT Newswires) -- 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.

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