IPOs for the mining sector riding high after listing
Christoper Galbraith
As S&P Global Market Intelligence's Monthly Industry Monitor has chronicled over the past nine months, financing activity surged in 2016, after collapsing to an all-time low in 2015. With renewed investment in the metals and mining sector, new companies are sure to arrive on the scene, and 2016 delivered, with 10 new companies hitting the markets by year-end. They raised US$98.0 million through their IPOs, and all but one were Australian companies trading on the ASX.
To be sure, 2015 also saw its share of IPOs, and in terms of gross funds raised, the value was far greater than in 2016. Six companies launched IPOs and raised a total of US$245.9 million, slightly down from the US$382.7 million raised through eight IPOs in 2014. Three of the new 2015 companies are producers or explorers with near-production assets. Hong Kong's Western Region Gold was the first, raising US$72.5 million in its January 2015 IPO. The company was first incorporated in 2002 and is a miner and smelter of gold and other nonferrous metals.
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