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NICKEL AUSTRALIA CLOSES INITIAL PUBLIC OFFERING.
SYDNEY, Dec 1 Asia Pulse - The A$12 million (US$8.6 million) initial public offer (IPO) of shares in Perth-based Nickel Australia Ltd (ASX:NKL) has closed oversubscribed by 120 per cent, the company said today.
Nickel Australia said it had received applications for more than A$26 million worth of stock when it officially closed its public issue late on Friday night.
The company, scheduled to list on the Australian Stock Exchange (ASX) on December 9 under the code NKL, has a portfolio of nickel sulphide interests in Western Australia, mostly acquired from Croesus Mining Ltd.
Led by the former General Manager of Exploration for Jubilee Mines, Tony Rovira, the company will issue a total of 48 million shares at 25 cents.
On listing, it will have 73 million shares on issue and 8.25 million options, with a market capitalisation at the issue price of A$18.25 million.
"The level of response from investors has been exceptional, with demand outweighing available stock by a factor of more than 2 to 1," Mr Rovira said in a statement.
"Of particular note has been the level of demand from institutional investors which, together with applications from existing Croesus shareholders and retail investors, underpinned a highly successful capital raising."
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