Battery metals developer Australian Critical Minerals (ASX:ACM) has begun trading on the Australian Securities Exchange (ASX) following a $5 million initial public offering (IPO).

The company reports it raised the initial public offering (IPO) funds through the issue of 25 million shares at $0.20 per share, giving Australian Critical Minerals a market capitalisation of about $8.7 million at the IPO price.

The offer was ‘strongly’ supported by institutions and sophisticated investors, and the company says it received demand well over the maximum subscription amount. State One Equities was the lead manager to the IPO.

The funds raised through the IPO will be used to start exploration at ACM’s projects in Western Australia. At the Cooletha Lithium Project, the team is in the process of mobilising field personnel to begin mapping and sampling, while drilling is expected to begin later this quarter at the Rankin Dome Rare Earth Project.

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