T20 Holdings, which provides energy services in Papua New Guinea, lowered the proposed deal size for its upcoming IPO on Monday, and removed warrants from the offering.
The Singapore-based company now plans to raise $10 million by offering 2 million shares at a price range of $4 to $6. The company had previously filed to offer 3.3 million units at a range of $5 to $7. Each unit was to consist of one share of common stock and one warrant, exercisable at 125% of the IPO price. At the midpoint of the revised range, T20 Holdings will raise -50% less in proceeds than previously anticipated, and command a fully diluted market value of $98 million.
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.
