UPCOMING IPOs: Debutantes Ordell, Alcoa and Axel REE get ready to dance
July 19, 2024Ordell Minerals (ASX:ORD) will make its debut on the Australian Securities Exchange today as international alumina player Alcoa Corporation (NYSE:AA, ASX:AAI) prepares to make its CREST Depository Interests available locally next Wednesday.
Market regulator and fellow listed company the ASX (ASX:ASX) has previously forecast bigger initial listings in the second half of calendar year 2024, as small companies delist, and others are taken over and delisted after being swallowed up by bigger companies.
Ordell road
Western Australian gold and lithium-focused Ordell had rattled the tin for $6 million during its initial public offering and is listing with a $33 million market capitalisation.
West Perth-based strategic metals explorer Ordell is focused on its Barimaia joint venture project in the Murchison gold district of the Mid West region on the Meekatharra road to Perth.
It also has its Goodia project near Norseman in the Goldfields, on road from Kalgoorlie, and its Fisher South project near Wiluna and Laverton.
Alcoa liftoff
With a history dating back more than 130 years, North American giant Alcoa operates in the bauxite, alumina, and aluminium industries of 17 countries, employing about 13,000 people.
The New York Stock Exchange-listed company was formed in March 2016 and is registered in the tax-haven state of Delaware.
It split off from its parent company Alcoa Inc in November 2016, with its parentcorp going on to become known as Arconic Inc. then Howmet Aerospace Inc.
Alcoa’s history in Australia dates back to the swinging 60s with the establishment Alcoa of Australia in June 1961.
One of its most well-known assets in Western Australia is its Kwinana Alumina Refinery, commissioned in 1963.
Known simply Alcoa, the WA facility is a major employer where many tradies have started their careers.
Axel blooms
Rare earth elements explorer Axel REE (ASX:AXL) is also expected to share company at the exchange next week on Tuesday.
The company has raised $13 million from institutional investors and $300,000 from retail investors in a Bell Potter Securities-managed offering.
The company was created by an investor group coordinated by SI6 Metals (ASX:Si6) non-executive director Pat Volpe, who has connections to rare earths venturing in Brazil.
Rare earth play Axel REE is notably an investment of two notable funds, Alex Waislitz’s Thorney Investments, and fund manager and former professional footballer Chris Judd’s Melbourne-domiciled Cerutty Macro Fund.
Axel’s core assets are two Minas Gerais REE projects and two earlier stage REE prospects in other South American states.
The company has the light rare earths neodymium and praseodymium elements at its Caladao project, finding 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 after putting its IPO bucks to work.
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