The Widgie Nickel Ltd (ASX: WIN) share price is having a fantastic debut on the ASX boards.
This afternoon the nickel explorer’s shares reached a high of 29 cents.
When the Widgie Nickel share price reached that level, it was up 45% from its listing price.
Widgie Nickel share price rises following IPO
Investors have been bidding the Widgie Nickel share price higher today following the successful completion of its initial public offering (IPO).
That IPO saw the company raise a total of $24 million before costs at an issue price of 20 cents per new share. This gave the company a market capitalisation of $50 million at listing.
Though, with the Widgie Nickel share price rising to 29 cents, its market capitalisation has now ballooned to $72 million.
What is Widgie Nickel?
Widgie Nickel is exploring the Mt Edwards Nickel Project in Kalgoorlie in Western Australia.
According to the company, the Mt Edwards Nickel Project is a unique consolidation of a vast ~240 square kilometre package of highly prospective nickel and new economy metal prospects. It has a large nickel sulphide resource base of 10.2Mt at 1.6% Ni for 162.6kt of contained nickel, in a globally significant nickel district.
In addition, the company notes that the Mt Edwards Nickel Project possesses exploration upside potential to underpin long-term shareholder value creation. It has material exploration campaigns planned for the post listing period.
Widgie Nickel’s Managing Director, Steve Norregaard, appears positive on the future.
He commented: “The successful entitlement offer has ideally positioned Widgie to methodically work towards unlocking the significant latent potential the Mt Edwards Nickel Project possesses, which was evidenced by the promising drilling results at Munda we released to the market today.”
“Widgie intends to commence an ongoing drilling campaign within the next month to continue to unlock this value,” Mr Norregaard concluded.