The IPO Buzz: Bunker Fuel Company CBL (BANL) Climbs 10.5 Percent in NASDAQ Debut

Marine fuel logistics company CBL International (BANL) gained 10.5 percent to close at $4.42 – up 42 cents from its $4.00 IPO price – on Thursday (March 23, 2023) – its first day of trading on the NASDAQ. Volume on CBL’s opening day: 1,346,577 shares. The Malaysian company’s stock looked strong from the first tick. CBL rose 5.25 percent to open at $4.21 – up 21 cents from its $4.00 IPO price – at 12:25 p.m. EDT on Thursday. The stock quickly gained altitude and traded at $4.31 – up 7.76 percent – by around 12:30 p.m. EDT. CBL International priced its slimmed-down mini IPO at $4.00 – the low end of its $4.00-to-$4.80 range – on 3.325 million shares on Wednesday night (March 22, 2023) to raise $13.3 million. The Kuala Lumpur, Malaysia-based company trimmed the IPO by 425,000 shares at pricing. The pricing date, initially set for the week of March 27, was accelerated.

Pacific Century Securities was the sole book-runner.

CBL International says it provides “a one-stop solution for vessel refueling” in the Asia Pacific. It’s a bunkering facilitator in the bunkering industry.

“Our operations are based in Malaysia, Hong Kong and Singapore, but nearly all of our revenues were generated from China and Hong Kong,” based on the location where the marine fuel is delivered to the customer, CBL International says in the prospectus.

“We purchase and arrange (for) our suppliers to actually deliver marine fuel to our customers, some of which we provide certain credit terms of payment while we also receive payment credit from our suppliers,” the company says in the prospectus. “We rely on the permits and licenses of our suppliers for the actual delivery of marine fuel at each port.”

Money and marine fuel logistics – aka bunkering facilitation – seem to go hand in hand. For the 12 months that ended on June 30, 2022, CBL International earned net income of $3.22 million on revenue of $402.8 million, according to financial statements in the prospectus.

Stay tuned.

(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on’s website.)

Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board. 

To see what time the NASDAQ IPOs are expected to trade, please log in to: then scroll down to IPO Message. 

Disclosure: Nobody on the staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The staff does not issue advice, recommendations or opinions.

Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.