The New York Stock Exchange (NYSE) has listed Malaysian and Singaporean marine and bunkering services provider TMD Energy as the first local marine supplier on the US-based trading platform.
TMD Energy's share price opened at RM15.14, jumped to RM18.08 and closed at RM15.93, up 11.69% from its initial public offering (IPO) price of RM14.26.
The increase in shares brought its market value to RM367.2 million on the first day of listing.
TMD Energy's IPO successfully raised gross proceeds of around RM44.13 million before deducting listing costs and underwriting discounts.
The total funds raised will be used to purchase cargo oil, listing costs, working capital and other general corporate purposes.
TMD Energy is a subsidiary of Straits Energy Resources Berhad on the ACE market of Bursa Malaysia.
Straits Energy is also involved in ship management, telecommunications services, shipping agencies and its network in addition to oil services.
TMD Energy Chairman, Dato Sri Ron Ho Kam Choy said the NYSE listing would strengthen the company's position as an industry leader in Malaysia.
TMD operates in 19 ports in Malaysia with 15 bunkering vessels with a capacity of 540 to 7,820 tonnes.
