IPO Watch: Cobalt explorer Rafaella makes steady ASX debut
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Rafaella Resources is Australia’s newest listed cobalt player after making a steady ASX debut today following a $5 million initial public offering.
In early trade Rafaella (ASX:RFR) advanced about 2.5 per cent to an intra-day high of 20.5c before edging back to close on par with its IPO price of 20c.
That gives the company a post-listing market value of about $7.6 million.
Around 2.7 million shares changed hands in 83 trades within the first hour of Rafaella lighting up the boards.
Rafaella now owns the McCleery cobalt and copper project in the Yukon Territory, Canada and the Sandstone gold project in Western Australia after completing the respective acquisitions.
While Sandstone will be the immediate priority for the company because of access, cobalt and copper will be a key focus for Rafaella.