The PPK Group Limited (ASX: PPK) share price has been soaring lately despite unresolved issues with its spin-off of Li-S Energy.
PPK originally planned to have lithium-sulphur chemistry battery creator, Li-S Energy, off its hands and onto the ASX yesterday. However, it has been faced with a number of delays.
Despite the drama, PPK's shares have gained 52.09% since this time last month, including today's 6.65% increase. Right now, shares in the investment group are trading for $20.06 apiece.
Let's take a closer look at Li-S Energy's initial public offering (IPO).
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Li-S Energy struggles to list
The PPK share price is outperforming despite setbacks facing Li-S Energy's listing.
PPK, along with Deakin University, founded Li-S Energy in 2019. Now, PPK is listing Li-S Energy on the ASX, under the ticker LIS.
When the company announced the spin-off, the PPK share price gained 1%.
Under Li-S Energy's prospectus, investors were offered shares in the company for 85 cents apiece. That gives Li-S Energy an expected market capitalisation of around $544 million.
Originally, PPK expected Li-S Energy's IPO to occur in late August. Specifically, yesterday.
However, despite excess demand for Li-S Energy's shares, there's still no word as to when we'll see it debut. PPK updated the market on the IPO last week, saying it's waiting on the ASX to provide its approval.
The investment company stated there are still a number of steps to complete before Li-S Energy can go public. It said:
It is expected that these steps will be dealt with and conditional listing approval provided shortly. At that time a revised timetable will be provided and a further announcement regarding such will be made.
So, it seems we should stop holding our breath for Li-S Energy's IPO for a moment. Though, the suspense seems to be good for the PPK share price.
PPK share price snapshot
The PPK share price has gained 234% year to date. It is also 370% higher than it was this time last year.
