Greatland Gold’s ASX IPO Becomes Oversubscribed Amidst Soaring Gold Prices
According to a report by Share Talk, Greatland Gold’s ambitious plans for a secondary ASX cross-listing have garnered overwhelming investor interest, with the deal becoming oversubscribed at the mid-point price range during the weekend. Investment advisers Bank of America and Barrenjoey reported that prospective investors were eager to acquire shares at prices reaching $6.50 per share.
The surge in interest coincides with gold prices achieving unprecedented heights, surpassing $5,000 per ounce amidst ongoing global economic uncertainty and geopolitical tensions. As noted by Share Talk, the IPO’s established price range spans from $6.40 to $6.60 per share, equivalent to 15.3p to 15.78p, with the book build scheduled to conclude on Monday at 2.00 pm AEST.
The anticipated IPO size ranges between $477 million and $490 million, representing an 8.9% to 11.7% discount compared to the London Stock Exchange’s last closing price. As Share Talk reported, the company’s strategic expansion follows its significant acquisition of the Telfer Gold Mine and the remaining 70% stake in the Havieron gold project from Newmont last year, secured for US$475 million.
The Telfer operation, recognised as the largest processing facility in Western Australia’s Paterson province, produces both copper and gold. The proximity of the valuable Havieron processing facility, merely 45km away, enhances the operational synergy of these assets. With a current UK market valuation of approximately £2.29bn ($4.79bn), Greatland Gold’s ASX listing will position it as a $4bn-plus entity in the Australian market.
As stated by Share Talk, the listing, scheduled for June 24, is being facilitated by a consortium of financial advisers including Canaccord Genuity, Argonaut Securities, and Sternship Advisers. The corporate presentation is available for download from https://greatland.com.au or by clicking this link.
In addition to the institutional offering, Greatland Gold is also conducting a separate offer made by the Company via the RetailBook platform to raise gross proceeds of up to 8 million euros to provide retail investors in the United Kingdom with an opportunity to subscribe for new ordinary shares in the Company at the final offer price determined through the bookbuild. As Share Talk reported, the Joint Lead Managers and Co-Managers are not acting for the Company with respect to the UK Retail Offer.
The company’s UK Retail Offer is open to retail investors in the United Kingdom, providing an opportunity for them to participate in the IPO. The offer is being made via the RetailBook platform, and interested investors can find more information on the company’s website. With the IPO becoming oversubscribed and gold prices continuing to soar, Greatland Gold’s ASX listing is shaping up to be one of the most significant market events of the year.
It will be interesting to see how the company’s listing on the ASX will impact its future growth and expansion plans. As reported by Share Talk, the company’s strategic expansion plans are focused on increasing its presence in the Australian market, and the ASX listing is a significant step towards achieving this goal. With its strong portfolio of assets and experienced management team, Greatland Gold is well-positioned for success in the Australian market.
For more information on Greatland Gold’s ASX IPO and future updates, investors can visit the company’s website or follow SHARE TALK on Twitter.
The Australian gold market has seen significant interest in recent years, with many investors looking to diversify their portfolios with gold assets. Greatland Gold’s ASX listing is expected to attract significant interest from investors, both in Australia and internationally.
As the company prepares for its ASX listing, it will be interesting to see how it performs in the Australian market. With its strong portfolio of assets and experienced management team, Greatland Gold is well-positioned for success.
This news was originally reported by Share Talk. For more information, please visit their website.
Sources:
https://www.share-talk.com/greatland-golds-477m-asx-ipo-becoming-oversubscribed-as-gold-prices-soar/
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