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Davenport trades 20% below IPO price on ASX debut

Davenport Resources Ltd. traded as low as 20% below its IPO price of 20 Australian cents on its first day on the ASX.

However, the Australian potash explorer recovered most of its losses, closing 2.5% lower at 19.5 cents on Jan. 20.

CommSec shows 28 trades were made over the course of the session, with 258,329 shares changing hands for between 16 and 19.5 cents for a total value of A$46,023.

Davenport has completed its acquisition of East Exploration Pty. Ltd. and the South Harz licenses in Germany and will submit a formal work plan to the state mining authorities for approval to drill test part of the identified exploration target on the Küllstedt license.