Column: Trump 2.0 won’t reverse Biden’s critical minerals push
Donald Trump has described the Inflation Reduction Act (IRA) as a "green scam" and vowed to repeal it after he returns to the White House in January.
Lithium Royalty Corp. slipped 0.6% in its Toronto Stock Exchange trading debut after raising C$150 million ($109 million) in Canada’s biggest initial public offering in 10 months.
Shares of the Toronto-based company fell to C$16.90 at 9:30 a.m. start of trading Thursday on an “if, as and when issued basis,” slightly below its IPO price. The stock was down 1.8% as of 9:45 a.m.
Lithium Royalty sold 8.82 million shares for C$17 apiece in its IPO, within its targeted range of C$16 to C$19. That makes it the the biggest IPO on a Canadian exchange since last May, when Bausch + Lomb Corp. was spun off in a dual listing and Dream Residential Real Estate Investment Trust went public.
The sale, which confirms an earlier report by Bloomberg, brings another lithium-based company to the Toronto Stock Exchange when the appetite for battery metals is soaring on strong prospects for electric vehicles. The company, which was founded by Waratah Capital Advisors Ltd. in 2018, trades under the stock symbol LIRC.
The company has a diversified portfolio of royalties for lithium projects around the world, including in Canada, Australia and the US. Among them is the flagship project of Australian miner Core Lithium Ltd., which counts Tesla Inc. as a future customer, and the Brazilian mine of Sigma Lithium Corp.
The sale was led by Canaccord Genuity Group Inc. and Citigroup Inc. The investment banks that arranged the deal have an option for an additional 1.3 million shares after the close.
(By Layan Odeh and Jacob Lorinc, with assistance from Michael Hytha and Geoffrey Morgan)
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