Cobalt Holdings PLC has announced its intention to float on the Main Market of the London Stock Exchange, aiming to raise approximately $230 million through its initial public offering (IPO). The proposed trading is expected to commence around June 10, marking a significant milestone for the company.
Cobalt Holdings has secured Glencore International AG as a cornerstone investor, committing $24.3 million, which post-IPO, equates to a 10% stake in the company. Moreover, Anchorage Structured Commodities Advisor LP will invest $23 million, ensuring a 9.5% share after the IPO.
In addition to the IPO developments, Cobalt Holdings has entered into a crucial six-year supply contract with Glencore, valued at up to $1 billion for cobalt. Furthermore, Cobalt has arranged an additional supply agreement to acquire up to 1,500 tonnes of cobalt from Anchorage by 2031.
Recently, Cobalt Holdings completed an initial purchase from Glencore worth USD 200 million of cobalt at a discount to the spot price. This strategic acquisition aligns with the company's broader objectives and sets a strong foundation for future growth.
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