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Singapore-based T20 Holdings sets proposed price at $5 ahead of $13 million US IPO

December 6, 2022
TWEN

T20 Holdings, which provides energy services in Papua New Guinea, set the proposed price for its upcoming IPO on Tuesday.

The Singapore-based company plans to raise $13 million by offering 2.6 million shares (24% secondary) at $5. The company had previously filed to offer the same number of shares at a range of $4 to $6. At the proposed price, T20 Holdings will raise the same amount in proceeds as previously anticipated.

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.