Indochine Mining Limited (ASX:IDC) began trading on the Australian Securities Exchange yesterday. The newly listed company is a large scale gold and copper explorer.
The majority of its mineral leases are located in Cambodia. At the Initial Public Offer the company was oversubscribed and managed to raise Australian $20.1 million.
The shares were sold at A$0.20 each once the applications went beyond the minimum subscription of A$12 million. The market capitalization of the company will be about A$ 54 million based on 270 million tradable shares at the offer price. Besides retail investors some leading institutional funds also invested in the company.
Stephen Promnitz the Chief Executive Officer for Indochine Mining said that it was an exciting opportunity to explore in a region known for world-class gold and copper deposits that has seen limited modern exploration.
Cambodia has a stable political environment and a favourable attitude to development. The company has the largest landholding of mining companies in the country. The tenements span over four thousand square kms. Primary exploration has proved encouraging at the Kratie and Ratanakiri projects of the company.
Shares in the company closed on Thursday at A$0.17.