Americas News
Uni-Fuels Shares Rise After US IPO
Shares in marine fuel trading firm Uni-Fuels Holdings Limited have risen in its first two trading days after an IPO in the US.
The company launched its Nasdaq IPO with a price offer of $4 per share this week, with the offering closing on Thursday.
By the close on Wednesday the shares were trading at $4.23 per share.
"Uni-Fuels intends to use the proceeds from the Offering 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 cash reserve and general corporate purposes," the company said.
The firm had revenues of $74.2 million and net profit of $101,972 in the first half of 2024, compared with $14.3 million and $743,411 respectively in the same period a year earlier, it said in an exchange filing last month.
