How these IPOs fared 1 week later

The first week of a company being on the ASX boards can be very telling. The market doesn’t get any new information until the next quarterly or half-year result, so we can get a sense of the market sentiment from how the share does in its first week.

Of course, how the market treats a share doesn’t ultimately mean anything. But, it can be interesting nonetheless.

Here are how the latest ASX shares fared:

Eagle Mountain Mining Limited (ASX: EM2)

Eagle Mountain Mining was meant to list onto the ASX on 9 March 2018 at $0.20.

Its principal activity is mineral exploration with a primary focus on exploration for copper and gold. The capital was going to be used specifically to acquire the Silver Mountain Mining Trust from the Bass family, it’s a USA copper-gold exploration project.

The company was hoping to raise $8 million at listing, but sadly it appears not to have made it onto the ASX boards yet.

There is no new proposed listing date for Eagle Mountain Mining at this time, according to the ASX.

Lowell Resources Fund (ASX: LRT)

Lowell Resources was meant to list onto the ASX on 8 March 2018.

Its principal activity is investing in the resources sector. More specifically, it’s a unit trust that invests in shares and other financial products issued by resource companies listed in Australia and overseas.

Lowell Resources was hoping to raise $10,000,000 at listing, but sadly it also appears not to have made it onto the ASX boards yet.

According to the ASX, there isn’t currently a new proposed listing date.

Foolish takeaway

It’s frustrating when shares don’t list when they’re expected to. I’m certain that management of both businesses will be trying to get it sorted because it would be a waste to have put all this time and money into an ASX listing to fail at the last hurdle.

However, when they do list I’m not going to invest because the resource sector isn’t my area of expertise.

Instead, I’d say these top shares are much better places for my money.

Top 3 ASX Blue Chips To Buy In 2018

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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