After offering shares in the company for 20 cents apiece under its initial public offering (IPO), International Graphite finished its first day on the ASX trading at 36 cents.
Not to mention, at its intraday high of 42 cents, the company’s share price was 110% higher than its IPO offer price.
So, what exactly does the company do in the battery minerals space? Let’s take a look.
ASX battery minerals share rockets on float
The International Graphite share price launched 110% during its ASX float this afternoon.
It hit the board at 12.30pm after raising $10 million by issuing 50 million shares as part of its IPO.
The company is aiming to supply graphite to international markets and produce battery anode material to meet growing demand for battery materials.
Fun fact: the company’s ticker – IG6 – represents its initials and the atomic number of carbon.
International Graphite is building a production facility in Western Australia. There, it plans to manufacture graphite products to be sold to industrial component manufacturers.
It’s also developing a pilot plant to push production and sales of battery anode materials for lithium-ion batteries.
Additionally, the company has acquired the Springdale Graphite Project from Comet Resources Limited (ASX: CRL).
Comet Resources received 40 million shares in the ASX battery minerals newbie as payment for the project.
The Springdale Graphite Project is a shallow graphite deposit with metallurgical characteristics for battery anode material and prospectivity for more resources.
Right now, the Springdale Graphite Project is at the exploration and development phase. The company expects it will eventually provide most of the feedstock for its processing activities, located 450km away.
After listing on the ASX, the company has around 179.4 million shares, fully diluted.
That saw it with an expected fully diluted market capitalisation of around $35.9 million at its offer price.
However, at its first close on the ASX, the battery minerals company’s valuation is around $64.5 million, fully diluted.