IPO Watch: Tolga Kumova’s African Gold quickly doubled its price on its ASX debut
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Freshly minted African Gold has had a star performance in its first hour as the ASX’s newest gold explorer.
Investors were doling out the love, sending shares up as much as double the 20c IPO price.
By 1.45pm AEDT 1.2 million shares worth $416,810 had changed hands in 139 trades and the price had edged back slightly to 33.5c — still a nice 67.5 per cent premium.
African Gold (ASX:A1G), which counts familiar mining personality Tolga Kumova as a director, is exploring for gold in the Ivory Coast at a project called “Agboville”.
Companies making their debuts on the ASX are faring much better this year than last.
Wireless internet provider Uniti Wireless (ASX: UWL) lit up the boards on Wednesday, trading at a 32 per cent premium to its 25c issue price.
It did, however, close at a 16 per cent discount and is today still trading below its IPO price at 22.5c.
Payments provider Splitit (ASX:SPT), meanwhile, has been the best performer since it made it onto the ASX in late January.
On debut it rocketed 90 per cent to a high of 38c. It didn’t stop there though, with shares now up 342.5 per cent at 88.5c today.
African Gold has been contacted for comment.