Jupiter Mines Ltd., looking to return to the ASX, is targeting to raise A$240 million in an IPO, higher than the originally expected amount of between A$150 million and A$200 million.
The company said March 19 that it lodged a prospectus with the Australian Securities and Investments Commission, offering 600 million shares at 40 Australian cents per share, which upon completion, will result in a free float of about 70% of Jupiter shares on the ASX.
The offering is mainly for sophisticated institutional shareholders, but has a retail component of 37.5 million shares.
The offer is expected to close April 6, with trading of shares to start April 18.
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.
The company holds a 49.9% stake in the Tshipi manganese mine in South Africa as its flagship asset.