Uni-Fuels Holdings (UFG) said Tuesday it has priced an underwritten initial public offering of 2.1 million Class A ordinary shares at $4 apiece for $8.4 million worth of gross proceeds.

The shares will likely start trading Tuesday on the Nasdaq Capital Market, the company said, adding that the offering will likely close on Wednesday.

Uni-Fuels also said it has offered the underwriters a 45-day option to buy up to an additional 315,000 Class A ordinary shares.

Net proceeds will be used to scale up Uni-Fuels' reselling activities, expand its market presence, and for general corporate purposes, the company said.