Uni-Fuels becomes first Singapore-based marine fuel provider to list in US

Uni-Fuels Holdings, (Uni-Fuels), the ultimate parent of Singapore-based marine fuels trading and brokerage firm Uni-Fuels Pte Ltd, on Wednesday (15 January) announced its successful initial public offering (IPO) on the Nasdaq Stock Market, becoming the first Singapore-based marine fuel provider to be listed in the United States.

This milestone, said Uni-Fuels, is expected to further strengthen the company’s position in the global marine fuel market and underscore its commitment to innovation, growth, and excellence within the marine fuel industry.

“We are extremely honoured to be the first homegrown Singaporean marine fuel provider to list on Nasdaq and in the US,” said chief executive officer Koh Kuan Hua. 

“This achievement reflects the hard work and dedication of our team, as well as the confidence investors have in our business model and long-term vision.

“We believe our Nasdaq listing will enable us to expand our global footprint, enhance our capabilities, sign new partnerships, and continue provision of quality marine fuel solutions to our customers worldwide.”

Mr. Koh said the company plans to both enhance its present offerings to customers as well as accelerate its provision of alternative marine fuels, such as biofuel and liquefied natural gas, that align with global regulatory decarbonisation requirements towards cleaner and sustainable marine fuels.

“As Uni-Fuels embarks on its journey as a publicly traded company, we will remain focused on advancing our position as a fast-growing, forward-thinking provider in the marine fuel industry,” said Mr. Koh. 

“We believe this IPO will unlock significant potential for our company and provide a solid foundation for long-term value creation for our shareholders.”

“Moving forward, our focus will remain on delivering superior service, driving innovation, and contributing to the development of the global marine fuel industry.”

On the same day, Uni-Fuels announced the closing of its underwritten IPO of 2,100,000 Class A Ordinary Shares at a public offering price of USD 4.00 per share, for total gross proceeds of USD 8.4 million to the company, before underwriting discounts and commissions.

The IPO closed on 15 January and the Class A Ordinary Shares commenced trading on Nasdaq Capital Market on 14 January under the ticker symbol “UFG.”

Uni-Fuels has granted the Underwriters an option to purchase up to 315,000 additional Class A Ordinary Shares within 45 days of the effective date of the company’s registration statement in relation to the IPO.

The total proceeds from the IPO are expected to be approximately USD 9.66 million, if the Underwriters exercise their option to purchase the additional Class A Ordinary Shares in full.

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Photo credit: Uni-Fuels Holdings
Published: 16 January, 2025