T20 Holdings, which provides energy services in Papua New Guinea, announced terms for its US IPO on Monday.
The Singapore-based company plans to raise $20 million by offering 3.3 million units at a price range of $5 to $7. Each unit consists of one share of common stock and one warrant, exercisable at 125% of the IPO price. At the midpoint of the proposed range, T20 Holdings would command a fully diluted market value of $125 million.
Because the company is offering units with warrants attached, T20 Holdings will be excluded from RC's 2022 IPO stats.
Operating through various subsidiaries such as Twenty20 Energy Systems, T20 Holdings has seven years of experience with energy and construction focused projects concentrated in Papua New Guinea (PNG). One of its larger projects is a 45 MW gas-fired power station, which delivers electricity for its client and the national utility (PNG Power) to feed into the Port Moresby power grid. The company also has a multiyear, national PNG project in its pipeline with a signed contract to design, supply, and construct a 66 MW gas-fired power plant using the local LNG supply in the PNG Hela region. Other services include hydrogen liquification and storage, usage metering and billing systems, and project implementation planning, among others.
T20 Holdings was founded in 2014 and booked $12 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol TWEN. EF Hutton is the sole bookrunner on the deal.
