IPO DANCE: Debutantes Ordell, Alcoa + Axel keep step

Holding market values (largely!) is the name of the game after gold and lithium-focused Ordell Minerals (ASX:ORD), rare earths explorer Axel REE (ASX:AXL) and US-domiciled alumina player Alcoa Corporation (NYSE:AA, ASX:AAI) made their local debuts and relaunches on the Australian market in the past week.

Ordell rock 

The Australian Securities Exchange now puts Ordell value at $11 million after its $6 million tin-rattle and re-entry to the Australian market last Friday, July 19, after a 10-year ORD-ticker hiatus. 

While the company’s shares were technically valued at $2 each on July 12, the shares are up 14% this year and closed at 21c a share on re-entry and were up 3.5c or 9% day-on-day yesterday to 24c by closing bell. 

The latest pricing puts the market value of the company dubbed Genesis 2.0 by News Limited at $9 million. 

It is led by former Genesis Minerals (ASX:GMD) managing director Michael Fowler, and non-executive chairman Tommy McKeith, a former Gold Fields explorer and vice-president and Troy Resources (ex-ASX:TRY) CEO. 

Ordell is focused on its Barimaia joint venture project near Mt Magnet gold mine, in Western Australia’s mergers-and-acquisitions-friendly Mid West Murchison region. 

The company hopes to produce a maiden resource for the project in calendar year 2025. 

Axel spin 

Pennystock REE then had its debut on Tuesday, blooming at 13.5 cents a rose ripe for a plucking yesterday at 11.5c. 

Like others braving the Australian exchange, the Australian company’s stats are overshadowed by a previous listed AXL-entity coasting to a toe-stop at $1.625 on September 11, 2018 as the Global Financial Crisis hit. 

New-entity AXL’s shares climbed to 14.6c/share during its first day traded and ended day one at 11.5c/share – also yesterday’s close – meeting an objective many company have on entering the exchange, to hold the majority of its value by slipping a 2c/share or 15% to current levels. 

The rare earths elements explorer’s market cap is resting at $21 million, with dancecard in hand today for a fabulous Friday. 

Chris Judd investment Axel has two core REE assets in Minas Gerais and two earlier stage REE prospects in other South American states. 

The exploration company has light rare-earths neodymium and praseodymium at its Caladao project, where explorers have found encouraging intersections with 7600 parts per million TREO. 

Axel has about 20,000 metres of drilling planned at the project to define a maiden resource with its handy IPO bucks. 

Alcoa can-can 

North American-domiciled Alcoa Corporation brought its high-kick back Down Under this Wednesday, changing hands for $52.80 a share on its first trading day since 2016. 

The US company incorporated in Delaware trades on the New York Stock Exchange (NYSE:AA) as its primary market, now trading its Chess Depository Interests on the ASX. 

When an earlier iteration of the long-running organisation delisted from the ASX it had last closed at $39 on October 5, 2016. 

Its current market capitalisation in Australian dollar terms is about $4 billion based on a $50.71 CDI close-price yesterday, slipping only 1.5% since taking a new spin on the local dancefloor. 

Alcoa operates in the bauxite, alumina, and aluminium industries of 17 countries and employs about 13,000 people. 

Its Kwinana Alumina Refinery commissioned in 1963 has birthed many a career among West Australians at the facility south of Perth known widely as Alcoa. 

Upcoming IPOs 

The Australian Securities Exchange has the following companies down for making their ASX debuts in the next six weeks, with date and times for listings likely to change. 

• Bhagwan Marine, July 30, 2024 at 10am AWST and noon AEST 

• Raptor Resources, September 4, 2024, with no time set yet 

• Siguiri Gold Corp, August 20, 2024, with no time set yet 

To check out the latest information, check out the ASX Listing Team’s Upcoming floats and listings page at asx.com.au. 

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