IPO watch: A dig into 2 soon-to-be ASX lithium miners

More lithium shares will be hitting the ASX boards soon.

| More on:
IPO spelt out on a laptop with a red and green bar chart underneath.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

In recent years there has been an explosion of ASX lithium shares trading on the Australian share market.

But if you thought we had now seen them all, think again! Hot on the heels of the recent initial public offering (IPO) of James Bay Minerals Limited (ASX: JBY) last week, a couple more ASX lithium shares are expected to hit the ASX boards in the coming weeks.

Which ASX lithium shares are having IPOs?

The next lithium share to list on the ASX is Chariot Corporation Ltd (ASX: CC9).

It is based in North America and focused on discovering and developing high-grade and near-surface lithium opportunities in Wyoming. Its two core assets are the Black Mountain (Hard Rock Lithium) and Resurgent (Claystone Lithium) projects.

Chariot is seeking to raise $15.5 million through the issue of approximately 34.45 million shares at an issue price of 45 cents per new share. This would give it a market capitalisation of approximately $82.5 million at listing.

The company expects to list on the ASX next month on 2 October.

What else is listing?

Midwest Lithium Limited (ASX: MWL) is another future ASX lithium share. Like Chariot, it is based in North America.

It is a hard rock lithium exploration company focused on the South Dakota Lithium Project in Black Hills, South Dakota.

The company notes that it controls some of the largest past-producing lithium mines in the area and is surrounded by fellow lithium explorer Iris Metals Limited (ASX: IR1). Mapping and geochemistry work is underway with initial drilling of priority targets starting in the final quarter of 2023.

Its IPO aims to raise between $13 million and $17 million through the issue of 52 million to 68 million new shares at 25 cents per share. This will give it a market capitalisation of $66.25 million to $70.25 million at listing.

Midwest expects to list on the ASX boards on 17 October.

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 Scott Phillips.

More on Materials Shares

Lion holding and screaming into a yellow loudspeaker on a blue background, symbolising an announcement from Liontown.
Materials Shares

Liontown Resources shares roar higher on big news

This lithium miner is catching the eye with some big news. Here's what is happening.

Read more »

Image of young successful engineer, with blueprints, notepad and digital tablet, observing the project implementation on construction site and in mine.
Materials Shares

What does Macquarie think BHP shares are worth?

Is now a good time to buy the miner's shares? Let's find out.

Read more »

Middle age caucasian man smiling confident drinking coffee at home.
Materials Shares

What does Macquarie think Pilbara Minerals shares are worth?

Is this lithium miner dirt cheap? Let's find out.

Read more »

Two miners standing together.
Materials Shares

Is it time to buy this beaten down lithium share?

This diversified miner’s share price has been hit on multiple fronts. What does it mean for investors?

Read more »

a mine worker holds his phone in one hand and a tablet in the other as he stands in front of heavy machinery at a mine site.
Materials Shares

Pilbara Minerals share price falls on 30% quarterly revenue slump

ASX investors are bidding down Pilbara Minerals shares on Thursday. Here’s why.

Read more »

Two miners standing together with a smile on their faces.
Materials Shares

BHP share price higher on third-quarter update

Let's see what the mining giant reported this morning.

Read more »

A happy construction worker or miner holds a fistful of Australian dollar notes.
Materials Shares

5 reasons to buy Rio Tinto shares right now

Now could be a good time to buy this mining giant's shares according to one broker.

Read more »

A man checks his phone next to an electric vehicle charging station with his electric vehicle parked in the charging bay.
Materials Shares

3 top ASX lithium shares to buy after the market selloff

These lithium stocks could be cheap buys according to analysts at Bell Potter.

Read more »