Shares of Ivanplats (IVP-T) started trading Wednesday on a "if, as and when issued" basis. The company's initial public
offering (IPO) was priced at priced at $4.75 per common share (the expected range was $4.50 to $5.40) and raised over $345
million (including underwriters option).
This is the largest TSX resource IPO that we've seen in awhile. Post IPO, Ivanplats has an enterprise value of ~$2.1 billion. Headed by Robert Friedland, Ivanplats is focused on exploration and development of major copper, platinum, gold, nickel and zinc deposits, primarily on the African continent.
The company has three major projects:
Kamoa and Kipushi, in the Democratic Republic of Congo, and Platreef, in South Africa. The net proceeds from the IPO will be
used for the advancement and development of Kamoa and Kipushi Projects, payment of contractual obligations related to
Kipushi acquisition and for general corporate purposes.
The Kamoa Project (95%-owned) is a large high-grade copper deposit discovered by the company beyond the previously known western limit of the Central African Copperbelt, in Katanga Province, DRC. Indicated Mineral Resources of 348 Mt, grading 2.64% Cu which represents 9.2 Mt of contained copper, in addition to Inferred Mineral Resources of 462 Mt, grading 2.72% Cu which represents 12.5 Mt of contained copper, rank Kamoa amongst the largest high grade, and largest undeveloped, copper deposits in the world.
The Kipushi Project (68%-owned), a pastproducing high-grade underground zinc and copper mine. Historical resources of 17 Mt at 16.8% Zn and 2.3% Cu and Inferred resources of 9 Mt at 23.3% Zn and 1.9% Cu.
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