Firm Debut for Metals Acquisition Limited (MAC) on ASX Following IPO

Staff Writer


Metals Acquisition Limited (ASX: MAC) marked its entry into the Australian Securities Exchange (ASX) with a robust performance in early trading on its first day of listing. The company’s Chess Depositary Interests (CDIs) surged to $18.030, representing a notable increase of $1.030 or 6.058% from its issue price.

Here are the key highlights from MAC’s debut on the ASX:

  • Dual Listing: MAC achieved a dual listing on both the ASX and NYSE, expanding its market reach and providing investors with enhanced access to its securities.
  • Successful IPO: MAC raised A$325 million through the issuance of 19,117,648 CDIs at A$17.00 per CDI, the top end of the indicative price range determined during its bookbuild process.
  • Record-Breaking Listing: With an implied market capitalization of A$1.18 billion following the completion of the IPO, MAC’s ASX listing stands as the largest mining listing on the exchange in over 5 years. Moreover, the funds raised represent the most substantial amount garnered for a mining IPO on the ASX since July 2021.
  • Strong Investor Support: The Offer received significant backing from both Australian and offshore institutional investors, as well as existing shareholders, underscoring confidence in MAC’s growth prospects and strategic vision.
  • Utilization of Proceeds: The proceeds from the IPO will be allocated towards further developing the CSA Copper Mine in New South Wales (NSW), settling deferred payments owed to the previous owner, Glencore, funding growth initiatives at CSA, and covering working capital and Offer-related costs.
  • Vision and Strategy: MAC aims to establish itself as a leading mid-tier producer of critical metals essential for the global economy’s decarbonization efforts. The company adopts a disciplined acquisition strategy focused on assets in stable jurisdictions with potential for value creation.
  • Experienced Leadership: MAC is led by Australian CEO Mick McMullen, who brings a wealth of experience from his tenure as CEO of North America’s Detour Gold Corporation and Stillwater Mining Company. The company’s strong board and management team boast collective expertise in operating within the world’s Tier 1 mining regions.

The successful listing of MAC on the ASX underscores investor confidence in the company’s growth trajectory and strategic direction. With a solid debut performance and a clear vision for the future, MAC is poised to capitalize on opportunities in the mining sector and deliver value to its shareholders.