CW Petroleum, a wholesale distributor of non-branded diesel fuel and gasoline, revised the terms for its upcoming IPO on Thursday. The company also disclosed financials for the six months ended June 30, 2022.
The Katy, TX-based company now plans to raise $15 million by offering 3.2 million units at $4.75. The company had previously filed to offer 3 million units at a range of $4.50 to $5.50. Each unit still consists of one share of common stock and one warrant, exercisable at the IPO price. At the revised terms, CW Petroleum will raise the same amount of proceeds.
Because the company is offering units with warrants attached, and will have a post-IPO market cap of less than $50 million, 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.
CW Petroleum was founded in 2005 and booked $7 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol CWPE. EF Hutton is the sole bookrunner on the deal.
