Uni-Fuels raises $1.7m in over-allotment

Additional shares were purchased for US$4 apiece.

Uni-Fuels Holdings Limited has raised additional gross proceeds of S$1.7m ($1.26m) after its US initial public offering (IPO) underwriter exercised its over-allotment option in full and purchased an additional 315,000 Class A Ordinary Shares at S$5.41 (US$4.00) per share.

“After giving effect to the full exercise of the Over-Allotment Option, the total number of Class A Ordinary Shares sold by the company in the offering increased to 2,415,000 Class A Ordinary Shares and the gross proceeds increased to US$9.66m [S$13.04m], before deducting underwriting discounts and commissions,” the company statement read.

The Class A Ordinary Shares commenced trading on Nasdaq Capital Market on 14 January under the ticker symbol “UFG.”

Uni-Fuels intends to use the proceeds from the IPO for scaling up its reselling activities to gain market share from existing and new markets; for strengthening its workforce and expanding its market presence in new geographical locations; and as cash reserve and general corporate purposes.

R. F. Lafferty & Co., Inc. acted as the sole book-running manager for the offering.