Euro Manganese Inc (ASX:EMN) (TSX-V:EMN) added an impressive 23.1% on its first day of trading on the Australian Securities Exchange after raising around $9.2 million from its initial public offering.
The company ended yesterday with a $62.72 million value.
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Euro Manganese raised $6.2 million from Australian investors, with new additions to the company’s register being mostly new and existing domestic and international investors.
The remainder of the $9.2 million was from a dual listing on the TSX-Venture Exchange in Canada.
Euro Manganese aims to develop one of Europe’s largest manganese resources — the Chvaletice Manganese Project found in the Czech Republic
The company’s general strategy is to focus is on production of ultra-high-purity and environmentally superior manganese products and the emerging major cluster of lithium-ion battery industries in Europe.
Noteworthy milestone
President and CEO Marco Romero said, “The successful completion of our dual IPO, in the world’s leading equity capital markets for our sector, is a noteworthy milestone for EMN.
“It enables us to continue our steady progress towards the development of this strategic manganese resource in the heart of Europe.
“It brings us one step closer to our goal of becoming a highly-competitive, reliable and environmentally superior supplier of ultra-high-purity manganese products, satisfying the requirements of the most demanding customers.”
Euro Manganese’s premium debut followed Althea Group Holdings Limited’s (ASX:AGH) stand-out debut on September 21, where it added a gob-smacking 180% to its issue price.
Euro’s fellow debutante Althea had made its first turn-out at the ASX on the same day as Archtis Limited (ASX:AR9) which slipped 7.5%.
Three other debutantes gained by the time the bell tolled on their first day, while one other slipped.
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The September trend for more gains than losses on debut followed six slip-down in August, one no-changer and just one positive debutante that month.
ASX Ltd (ASX:ASX) has 31 companies listed as having upcoming floats and listing, the soonest being Cowan Lithium Limited (ASX:COW) next Monday, October 8.
A number of other unlisted companies, such as BetterCells, are also generating interest in public floats as they follow a path towards what they hope will be a successful listing on a new market.
Euro Manganese CDIs added 6 cents, or 23.1%, to close at 32 cents yesterday and this morning has traded up to 33 cents.