Metals Acquisition surges on trading debut in Australia

MAC Copper

20/02/2024 03:36

** Shares of Metals Acquisition  MAC.AX   MTAL.N  jump as
much as 9.4% to A$18.6 in trading debut after an "upsized"
initial public offering (IPO)
    ** The blank-check firm raised A$325 million ($212 million)
via the issue of 19.1 mln Chess Depositary Interests (CDIs) at
A$17 per CDI, with an implied market cap of A$1.18 bln
    ** Says dual listing will provide liquidity and access to
capital from Australian institutional and retail investors
    ** MAC will use IPO proceeds to repay a A$127 mln deferred
consideration facility to Glencore  GLEN.L  related to
acquisition of CSA copper mine in Australia
    ** Nearly 484,000 shares change hands on Tuesday - first day
of MAC listing
    ** U.S. listed shares down 1.3% YTD, as of last close 
    


($1 = 1.5333 Australian dollars)

 (Reporting by Megha  Rani)
 ((Megha.Rani2@thomsonreuters.com;))