CW Petroleum, a wholesale distributor of non-branded diesel fuel and gasoline, filed on Thursday with the SEC to raise up to $17 million in an initial public offering. The company is currently listed on the OTC (CWPE).
Because the company is offering units with warrants attached, CW Petroleum will be excluded from Renaissance Capital's 2022 IPO stats.
CW Petroleum supplies and distributes biodiesel, biodiesel blends, ultra-low sulfur diesel, gasoline blends, "renewable gasoline," and a proprietary EPA-approved reformulated no ethanol gasoline. Its customers include independent fuel retailers, independent and chain convenience stores that also sell gasoline and diesel fuel, marinas that sell diesel and gasoline to power boat owners, and fuel distributors that deliver to their own customers.
The Katy, TX-based company was founded in 2005 and booked $8 million in revenue for the 12 months ended March 31, 2022. It plans to list on the Nasdaq but has not selected a symbol yet (RC ticker: CWPE.RC). EF Hutton is the sole bookrunner on the deal. No pricing terms were disclosed.
