An Australian manganese mining company has listed on the Australian Stock Exchange (ASX) with an IPO described as “the largest in over a decade.”
Jupiter Mines, which has a 49.9% interest in the Tshipi Manganese Mine in South Africa, announced this week that it had completed an Initial Public Offering (IPO) valued at A$240 million to list on the ASX.
The IPO, made up of a A$225 million institutional allocation and a A$15 million allocation in the general public offer, is one of the largest IPOs in the Metals and Mining Industry over the last decade.
Commenting on the successful IPO, Jupiter CEO, Priyank Thapliyal, said “I am very pleased with the strong interest shown in the Jupiter IPO. This can be attributed to the strong cash generation of Tshipi resulting in healthy distributions by Jupiter to its shareholders. Tshipi’s Tier-1 positioning on account of its long life, production capacity and low costs further adds to the investment appeal”.
Jupiter Mines officially listed on the ASX on 18 April 2018.
Located in the Kalahari Manganese Field in the Northern Cape of South Africa, the Tshipi Manganese Mine is one of the largest and lowest cost manganese exporters globally and exported 3.34 million tonnes of manganese ore in FY18.