T20 Holdings, which provides energy services in Papua New Guinea, filed on Tuesday with the SEC to raise up to $20 million in an initial public offering.
Because the company intends to offer 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.
The Singapore-based company was founded in 2014 and booked $11 million in revenue for the 12 months ended March 31, 2022. It plans to list on the Nasdaq under the symbol TWEN. EF Hutton is the sole bookrunner on the deal. No pricing terms were disclosed.
