GreenTech Metals (ASX:GRE) share price jumps 50% after IPO

This IPO went very well on Tuesday…

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The GreenTech Metals Ltd (ASX: GRE) share price hit the ASX boards in style on Tuesday following the completion of its IPO.

The Western Australia-based battery materials explorer's shares were up as much as 50% to 30 cents in afternoon trade.

The GreenTech Metals share price ultimately ended the day 37.5% above its listing price at 27.5 cents.

The GreenTech Metals now trading on the ASX after IPO

GreenTech Metals landed on the ASX boards this morning after raising $5 million at an IPO listing price of 20 cents per new share.

It is an exploration and development company focused on the discovery, development and acquisition of projects in Australia and overseas that contain metals and minerals used in the battery storage and electric vehicle sector.

These assets include the Whundo Project that was acquired from Artemis Resources Ltd (ASX: ARV), which is a major shareholder in the company. The Whundo Project is located approximately 40 km south-southwest of Karratha in the West Pilbara Region of Western Australia and is approximately 12.5 km southeast of the Radio Hill nickel plant.

Commenting on the IPO, Artemis' Executive Director, Alastair Clayton, said: "We are pleased to see GreenTech list on the ASX following their successful IPO raising, which was led by CPS Capital and strongly oversubscribed. With GreenTech expected to commence drilling at Whundo within the coming weeks, we see strong news flow across the portfolio in the short-term and throughout the year."

"With drill programmes due to re-commence at Paterson Central and Greater Carlow soon Artemis has a very busy schedule for 2022. We are delighted to see the GreenTech team already driving exploration hard and we retain considerable exposure to the success of GreenTech, both as the company's largest shareholder and as a joint-venture partner," he added.

Motley Fool contributor James Mickleboro 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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