IPO Watch: Desert Metals and Cettire land on the ASX & gain

Today rounded out another busy week of ASX IPOs with Desert Metals (ASX:DM1) and Cettire (ASX:CTT) entering the bourse.

Desert Metals is the latest WA explorer to debut and raised $5 million at 20 cents per share.

It has a total of 9 exploration deposits on the northwest margin of WA’s Yilgarn Craton predominantly focused on nickel and copper although it believes a number of licenses are prospective for gold too.

“The prospectivity of this under-explored region for nickel-copper deposits has been highlighted by the discovery of orthomagmatic nickel-copper-platinum-palladium deposits on the margins of the Yilgarn Craton, such as Julimar and previously Nova-Bolinger,” said chairman Mark Stewat in his company’s prospectus.

Desert Metals’ ASX shares more than doubled as soon as trading began at 10.30am (AEDT) reaching 50 cents – a 150 per cent gain.

Another online retailer

Cettire meanwhile is the latest ecommerce play to enter the ASX, specialising in high end fashion.

The ecommerce sector has boomed in 2020 as retail foot traffic was moved online and momentum has continued as the Christmas shopping season has begun.

Today Cettire told shareholders it made $13.9 million in unaudited gross revenue last month. This is 432 per cent higher than the prior corresponding period.

In FY21 to date it has seen a similar rise in sales revenue of 471 per cent – $32.4 million.

Cettire is one of 2020’s largest listings having raised $65 million at 50 cents per share.

The company intends to use the proceeds to fund growth objectives including through investment in its platform as well as growing its product offering and supplier network.

Cettire’s founder & CEO Dean Mintz told shareholders his company’s IPO was “a key milestone in the company’s growth history”.

“I welcome our new shareholders and look forward to delivering on the potential we see for the business and growing shareholder value,” he said.

Shares began trading at 11.30am (AEDT). Unlike Desert Metals, they lagged on debut trading between 48 cents and 52 cents in the opening minutes of trade.