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

More lithium shares will be hitting the ASX boards soon.

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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.

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