Winsome Resources (ASX:WR1) share price surges another 23% on second day of trade

Here’s how Winsome Resources’ stock is performing today.

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The Winsome Resources Ltd (ASX: WR1) share price is taking off again today as it enjoys its first full day as a listed company.

The company completed its initial public offering (IPO) yesterday. Following Winsome’s debut, its stock surged 30% to finish its first session trading at 26 cents.

At the time of writing, the Winsome Resources share price is 32 cents, 23% higher than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) is down 0.22% right now, while the All Ordinaries Index (ASX: XAO) has slid 0.33%. However, the S&P/ASX 200 Resources Index (ASX: XJR) is gaining 0.89% on Wednesday.

Additionally, since it first floated, more than 35 million of the company’s shares have swapped hands.

In case you missed it, here is a breakdown of what Winsome Resources is all about.

A quick refresher

Born from the spin-out of MetalsTech Ltd‘s (ASX: MTC) lithium assets, Winsome Resources operates 3 hard-rock lithium projects in Canada’s Quebec Province.

All its projects are still in the exploration or development phase.

It is focusing on producing lithium for the North American battery and electric vehicle sectors.

Winsome Resources share price soars on Wednesday

Winsome Resources floated on the ASX shortly after midday yesterday, much to the market’s delight.

It offered its shares for 20 cents apiece under its heavily-subscribed prospectus, which would have seen it listing with a market capitalisation of around $28.4 million.

However, at its current share price, the company’s valuation sits at approximately $45.4 million.

Winsome Resources’ IPO raised $18 million for the company, boosting its balance sheet in the process.

The company has around 141.9 million shares outstanding. Impressively, more than 21 million of those were traded yesterday.

Additionally, around 14.5 million have swapped hands today.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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