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Jupiter Mines plans to raise A$200M in ASX return

Jupiter Mines Ltd. is planning to raise A$200 million with its return to the ASX, with shareholders to sell about 25% of the company, The West Australian reported March 7.

The offering is expected to value the company, which has nearly 2 billion shares on issue, at about A$780 million.

Jupiter Mines is testing the market, with the raising expected to be priced at 40 cents per share and a listing date of April 18 under the code JMS. A prospectus is expected to be filed with the Australian Securities and Investments Commission later in the month.

In January, the company was reported to be targeting a A$150 million IPO in the first half.

Jupiter Mines is planning a return to the ASX after more than four years due to increasing commodity prices and investor interest, after leaving the ASX in January 2014 with a market capitalization of A$185 million.

Following the listing, the company will be debt free with about US$71 million in cash.

Jupiter Mines, which holds 49.9% of the Tshipi manganese mine in South Africa as its flagship asset, outlined plans to buy back 5.81% of its shares for US$42 million in January.

The company also launched a US$25 million share buyback in September 2017 for 4% of its shares and a US$55 million buyback in January 2017 to purchase 6% of its shares.