PTL Limited (PTLE) Announces September 30th IPO

PTL Limited (PTLE) is planning to raise $6 million in an IPO on the week of September 30th, IPO Scoop reports. The company will be issuing 1,300,000 shares at $4.00-$6.00 per share.

In the last year, PTL Limited generated $102.1 million in revenue and $940,000 in net income. PTL Limited has a market cap of $62.5 million.

Dominari Securities and Revere Securities acted as the underwriters for the IPO.

PTL Limited provided the following description of their company for its IPO: “PTL Limited, or PTL, is a holding company incorporated in the British Virgin Islands. Our registered office and our registered agent’s office in the BVI are both located at Corporate Registrations Limited of Sea Meadow House (P.O. Box 116), Road Town, Tortola, British Virgin Islands. Note: Our principal executive office is located at 111 North Bridge Road, #23-06A, Peninsula Plaza, Singapore 179098. The telephone number of our principal executive office is +65-90573550.  As a holding company with no material operations, PTL conducts all of its operations through its operating entity, Petrolink Energy Limited (the “Operating Subsidiary”), a company incorporated in Hong Kong. Investors in our Ordinary Shares should be aware that they will not and may never directly hold equity interests in the Operating Subsidiary, but rather (are) purchasing equity solely in PTL, the BVI holding company.  Headquartered in Hong Kong, we are an established bunkering facilitator providing marine fuel logistics services for vessel refueling, primarily container ships, bulk carriers, general cargo vessels, and chemical tankers. Targeting and serving the Asia Pacific market, we leverage our close relationships and partnership within our established network in the marine fuel logistic industry, including the upstream suppliers and downstream customers, to provide a one-stop solution for vessel refueling. Through our Operating Subsidiary, Petrolink Energy Limited, we purchase marine fuel, including low sulfur fuel oil, high sulfur fuel oil and low sulfur marine gas oil, from our suppliers and arrange our suppliers to deliver marine fuel to our customers directly. As the bunkering facilitator, our services mainly involve (i) facilitating with our suppliers to supply fuel for the use by our customers’ vessels at various ports along their voyages in the Asia Pacific region; (ii) arranging vessel refueling activities at competitive pricing to our customers; (iii) offering trade credit to our customers for vessel refueling; (iv) handling unforeseeable circumstances faced by our customers and providing contingency solutions to our customers in a timely manner; and (v) handling disputes, mainly in relation to quality and quantity issues on marine fuel, if any. Our operations are conducted in Hong Kong and substantially all of our revenue has been generated by our Operating Subsidiary in Hong Kong. We do not require any permits and licenses for the operation of our business, instead, we rely on the permits and licenses of our suppliers for the actual delivery of marine fuel at each port. Geographically, in terms of the delivery locations at which the marine fuel is delivered to our customers, nearly all of our revenue (93.2% and 95.3% of our revenue for the fiscal years ended December 31, 2023 and 2022, respectively) were generated by the marine fuel delivery to customers in Hong Kong ports. Other delivery locations include United Arab Emirates, Singapore, Saudi Arabia, and mainland China, and all of the transactions for marine fuel delivery and vessel refueling activities in these locations have been booked through and concluded by our Operating Subsidiary in Hong Kong. For the fiscal years ended December 31, 2023 and 2022, 0.6% and 3.2% of our revenue were generated by the marine fuel delivery to customers in the mainland China port, respectively, and none of these customers were mainland Chinese companies and all of such transactions are booked through and concluded in Hong Kong, instead of in mainland China. According to the industrial data provided by F&S, we had an estimated market share of approximately 2.7% and 0.8% respectively in terms of volume of fuel oil and gas oil supplied to operators in Hong Kong for the year ended December 31, 2023. Through strategic utilization of our available working capital resources, we have successfully achieved significant business growth. For the years ended December 31, 2023 and 2022, our customers mainly consist of end-users and trading houses. Our five largest customers contributed 44.3% and 44.3% respectively to our revenue for the years ended December 31, 2023 and 2022. We recorded an increase in revenue from approximately $74,817,208 for the year ended December 31, 2022 to approximately $102,106,509 for the year ended December 31, 2023, representing an increase of approximately 36.5%, while the volume of marine fuel supplied by us increased from 98,013 metric tons for the year ended December 31, 2022 to approximately 163,738 metric tons for the year ended December 31, 2023. Our cost of revenue mainly represented the marine fuel cost and other costs mainly including the agency fee, barging fee, cancellation charges and survey fee. Our cost of revenue increased by $26,486,642, or 35.9%, from $73,703,892 for the year ended December 31, 2022 to $100,190,534 for the year ended December 31, 2023, which was mainly due to the increase in our marine fuel costs and in line with the increase in our revenue. Note: Net income and revenue are in  U.S. dollars for the year that ended Dec. 31, 2023. (Note: PTL Limited filed an F-1/A on Aug. 19, 2024, in which Dominari Securities was named as the lead left book-runner – teamed with Revere Securities – to replace Pacific Century Securities, the deal’s original underwriter. Background: PTL Limited, a holding company, filed its F-1 on July 30, 2024, and disclosed plans for its IPO: 1.25 million shares at a price range of $4.00 to $6.00 to raise $6.25 million. Pacific Century Securities, LLC was the sole  underwriter.) “.

PTL Limited was founded in 2013 and has 7 employees. The company is located at Room 1112, 11/F, C C Wu Building, 302-8 Hennessy Road, Wan Chai, Hong Kong and can be reached via phone at 00852 23593388 or on the web at http://www.petrolinkhk.com/.