Uni-Fuels Holdings, a Singapore-based provider of marine fuels, lowered the proposed deal size for its upcoming IPO on Friday.
The company now plans to raise $8 million by offering 2.1 million shares at $4. The company had previously filed to offer 3 million shares at a range of $4 to $5. At the revised terms, Uni-Fuels Holdings will raise 38% less in proceeds than previously anticipated.
Uni-Fuels markets, resells, and brokers marine fuels products to shipping companies and marine fuels suppliers worldwide in-port and offshore. The company operates an integrated business model where it serves customers through two segments: sales of marine fuels solutions, where it controls and manages the customer relationship throughout the entire transaction and provides value-added solutions such as trade credit and financing; and brokerage, where it refers the customer to a third-party supplier in exchange for a brokerage fee.
Uni-Fuels Holdings was founded in 2021 and booked $131 million in revenue for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol UFG. R.F. Lafferty & Co. is the sole bookrunner on the deal.
