A look at the biggest IPOs around the globe in 2024. Picture Getty
IPO Watch
After a tough 2023, IPOs worldwide could get a boost in 2024 with some hot listings expected to come on line over the next months.
In Asia, Alibaba’s spinoff of its logistics arm, Cainiao, will be the most high-profile IPO on regional investors’ radar this year with a valuation of around US$1 billion. Cainiao is set to list on the Hong Kong stock market.
Tokyo Metro, the company that runs subways in Japan’s capital, could go public after getting an approval from Japan’s Transport Ministry, at a valuation of around US$5 billion.
Then there’s India’s biggest electric-scooter company, Ola, which has fronted fund managers to raise around US$660 million. The startup, backed by Softbank, launched its first e-scooters just two years ago.
Over in Europe, IPOs are also set for a strong comeback in 2024 on the back of potential interest rate cuts and calmer markets.
The pipeline there looks promising too, and will include the likes of German perfume retailer Douglas, and Spanish fashion retailer, Tendam.
French drugmaker Sanofi is also reportedly starting preparations for an IPO spinoff of its consumer-health division, which could be valued at more than US$20 billion.
In the US, Renaissance Capital estimates the market will see 120 to 170 IPOs in 2024, compared to 154 in 2023.
Reddit, Shein and Stripe are some of the biggest names expected to hit the New York bourse at various points this year.
Reddit’s IPO is a particularly highly anticipated one.
Founded in 2005 by Steve Huffman and Alexis Ohanian, two roommates studying at the University of Virginia, Reddit filed a confidential submission with the SEC in late 2021, but hasn’t actually gone ahead with the listing yet.
Reddit has never recorded a profit, and analysts are unclear as to when it will become profitable, but the company is still targeting a market valuation of around US$15 billion.
Swipe or scroll to reveal the full table. Click headings to sort.
| Code | Name | IPO Price | Current Price | Return | Market cap | Listing date |
|---|---|---|---|---|---|---|
| LTP | LTR Pharma | 0.2 | 0.33 | 65% | $22,529,756 | 11/12/2023 |
| LU7 | Lithium Universe Ltd | 0.02 | 0.032 | 60% | $12,432,701 | 14/8/2023 |
| GDM | Great Divide Mining | 0.2 | 0.315 | 58% | $8,583,750 | 18/10/2023 |
| GHY | Gold Hydrogen | 0.5 | 0.76 | 52% | $58,647,213 | 13/1/2023 |
| JBY | James Bay Minerals | 0.2 | 0.275 | 38% | $9,084,600 | 12/9/2023 |
| CC9 | Chariot Corp | 0.45 | 0.53 | 18% | $35,565,810 | 30/10/2023 |
| GR8 | Great Dirt Resources | 0.2 | 0.235 | 18% | $6,612,608 | 10/11/2023 |
| BRE | Brazilian Rare Earth | 1.47 | 1.68 | 14% | $104,255,889 | 21/12/2023 |
| TOK | Tolu Minerals | 0.5 | 0.55 | 10% | $32,318,464 | 10/11/2023 |
| ENL | Enlitic CDI | 0.83 | 0.86 | 4% | $61,400,000 | 19/12/2023 |
| NDO | Nido Education | 1 | 0.995 | -1% | $220,796,985 | 16/10/2023 |
| HTM | High-Tech Metals | 0.2 | 0.19 | -5% | $4,702,783 | 23/1/2023 |
| PLN | Pioneer Lithium | 0.2 | 0.19 | -5% | $5,400,750 | 28/9/2023 |
| RDX | Redox | 2.55 | 2.31 | -9% | $1,186,684,027 | 3/7/2023 |
| COV | Cleo Diagnostics | 0.2 | 0.18 | -10% | $13,338,000 | 22/8/2023 |
| FCG | Freedom Care Group | 0.2 | 0.18 | -10% | $4,179,684 | 30/11/2023 |
| NVO | Novo Resources Corp | 0.2 | 0.18 | -10% | $8,088,863 | 11/9/2023 |
| ILT | Iltani Resources | 0.2 | 0.175 | -13% | $5,951,838 | 30/6/2023 |
| CGR | CGN Resources | 0.25 | 0.205 | -18% | $18,155,638 | 18/10/2023 |
| CHW | Chilwaminerals | 0.2 | 0.16 | -20% | $7,340,000 | 5/7/2023 |
| DYM | Dynamic Metals | 0.2 | 0.155 | -23% | $5,425,000 | 16/1/2023 |
| ASK | Abacus Storage King | 1.41 | 1.0875 | -23% | $1,406,090,169 | 1/8/2023 |
| CVB | Curvebeam Ai | 0.48 | 0.37 | -23% | $78,057,100 | 23/8/2023 |
| NGX | NGX | 0.2 | 0.14 | -30% | $12,685,658 | 16/6/2023 |
| EG1 | Evergreen Lithium | 0.25 | 0.17 | -32% | $9,559,100 | 11/4/2023 |
| PL3 | Patagonia Lithium | 0.2 | 0.135 | -33% | $6,632,348 | 31/3/2023 |
| SQX | SQX Resources | 0.2 | 0.13 | -35% | $3,250,000 | 20/2/2023 |
| ACM | Aus Critical Mineral | 0.2 | 0.12 | -40% | $3,849,150 | 3/7/2023 |
| BM8 | Battery Age Minerals | 0.4 | 0.22 | -45% | $18,273,062 | 6/2/2023 |
| AUG | Augustus Minerals | 0.2 | 0.105 | -48% | $8,832,600 | 25/5/2023 |
| VHM | VHM | 1.35 | 0.705 | -48% | $109,280,449 | 9/1/2023 |
| LM1 | Leeuwin Metals | 0.25 | 0.13 | -48% | $6,442,188 | 29/3/2023 |
| DY6 | Dy6 Metals | 0.2 | 0.098 | -51% | $3,870,591 | 29/6/2023 |
| TNC | True North Copper | 0.25 | 0.1 | -60% | $33,067,478 | 19/6/2023 |
| ADC | Acdc Metals | 0.2 | 0.07 | -65% | $3,298,575 | 17/1/2023 |
| ACE | Acusensus | 4 | 0.9 | -78% | $109,967,978 | 12/1/2023 |
*Note: there was a 5:1 stock split for ACE
Best performing ASX IPO stock in 2023 was LTR Pharma (ASX:LTP).
The clinical stage, biotech company pioneering a novel intranasal technology – SPONTAN – designed to treat erectile dysfunction in 10 minutes or less.
SPONTAN is said to provide on-demand delivery and faster effect. A lower dose provides less systematic exposure and reduced side effect.
Read more here: Huge IPO interest and not lithium? LTR Pharma could be the next big thing on the ASX
Iggy Tan’s Lithium Universe (ASX:LU7) was also a top performer following the completion of its 2023 summer/fall exploration work program at the Apollo lithium project in Canada.
The project boasts geological and geophysical characteristics similar to well-known spodumene pegmatites in the area such as Patriot Battery Metals’ (ASX:PMT) 109.2Mt Corvette property – just 29km away – and Winsome Resources’ (ASX:WR1) Adina property, another 28km away.
Great Divide Mining (ASX:GDM) meanwhile was the third best IPO stock in 2023.
Since listing, this Queensland gold, antimony and critical metals explorer reported a maiden inferred mineral resource estimate (MRE) at the Yellow Jack project of 1.84Mt at 0.86g/t gold (Au) for 51,100oz contained gold.
The project’s shallow, open resource is in close proximity to existing heap leach and Carbon-in-Pulp process plants, enabling project development with limited capital expenditure.
Worst performer in the 2023 class was minerals explorer ACDC Metals (ASX:ADC), which has fallen -65% since debut.
The explorer recently released its Douglas Heavy Mineral Sand drill results, which showed an intersection of shallow high grade heavy mineral sand, indicating potential as they are similar in style to the nearby HMS deposits that host Iluka’s (ASX:ILU) Douglas Mine.
| Code | Name | IPO Price | Current Price | Return | Market cap | Listing date |
|---|---|---|---|---|---|---|
| KM1 | Kali Metals | 0.25 | 0.495 | 98% | $98,591,981 | 8/1/2024 |
The only IPO so far in 2024 lithium explorer Kali Metals (ASX: KM1), which scooped the headlines this week after bursting onto the ASX on Monday and closing the day 88% higher.
Kali is backed by none other than MinRes boss Chris Ellison, among other deep-pocketed notables.
The company is a Kalamazoo Resources (ASX:KZR) spinout, with assets in WA (Pilbara and Goldfields tenements), and in the Lachlan Fold Belt of southern NSW and northeastern Victoria. Kali also controls the rights to lithium found on Goldfields tenements owned by Karora.
Read more: Kali bursts onto ASX, Core dips further, Morningstar predicts 2024 turnaround
All dates are sourced from the ASX website. They could change without notice.
Expected listing: January 15
IPO: $5.5m at $0.20 a share
I88 is looking to capitalise on lifting uranium prices with its planned ASX listing mid-month.
Focused on lithium and uranium exploration, I88 has eight projects including a mix of brownfield and greenfield assets in Canada and Western Australia.
Its WA lithium projects include Pegasus, Parna and Yeelirrie. In Canada it has the Des Herbiers Project and Valor projects in Quebec, the Tinco Project in Saskatchewan and Portland Creek Uranium Project (Newfoundland and Labrador) along with the Paterson Lake Project (Ontario).
Sixty Two Capital is lead manager of the float.
Expected listing: February 1
IPO:$6 million at $0.20 a share
The gold explorer with projects in Queensland, WA and NSW was down to list on the local bourse in October 2023.
In the last four years, the company says it has acquired four projects with high prospectivity including Dooloo Creek and Alma in Queensland, Crossways in Western Australia, and Neila Creek in NSW.
GGR says each of these projects offers substantial opportunities for gold resources, including high-grade copper. The explorer has conducted extensive drilling and sampling at Dooloo Creek, yielding impressive results over the past two years.
There are plans for further drilling across all GGR projects, with an immediate focus on Neila Creek and ongoing efforts at Dooloo Creek.
K S Capital is lead manager of the float.
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