28th May 2025 11:09
(Alliance News) - Cobalt Holdings PLC on Tuesday announced the price for its initial public offering in London and confirmed its first day of unconditional dealings on the London Main Market will be on June 10.
The company will purchase and hold physical cobalt, becoming the "only company offering public equity investors pure-play direct exposure to the price of cobalt", it said.
Cobalt previously said the IPO will raise about USD230 million. On Tuesday, in announcing the retail portion of the offer, the company said the price per share will be USD2.56. The retail offer will be via the RetailBook platform, which can be accessed via retail investment platforms AJ Bell, Hargreaves Lansdown and interactive investor.
For the institutional offering, Citigroup Global Markets is the sponsor, global co-ordinator and joint bookrunner, while Canaccord Genuity is joint bookrunner.
Cobalt previously said Glencore International AG will participate as a cornerstone investor of USD24.3 million to take a 10% stake. Further, Anchorage Structured Commodities Advisor LP will invest USD23 million for a 9.5% holding.
Cobalt said it has agreed a six-year supply contract with Glencore for the supply of cobalt worth up to USD1 billion, as well as a further supply contract to acquire up to 1,500 tonnes of cobalt from Anchorage in 2031. Cobalt will make an initial USD200 million purchase of cobalt from Glencore.
By Tom Waite, Alliance News editor
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