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(Bloomberg) — Almonty Industries Inc. shares rose about 7% in their US trading debut after the tungsten miner raised $90 million in an oversubscribed offering to list on Nasdaq.
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The company’s shares traded at $4.80 each as of 12:06 p.m. in New York, above the offering price of $4.50. The offering of 20 million shares priced at a 21% discount to Friday’s currency-converted closing price on the Toronto Stock Exchange, where the stock has previously been traded most actively.
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Almonty’s listing on the Nasdaq Capital Market in New York under the symbol ALM adds to the shares’ trading venues in Toronto, Australia and Frankfurt. Almonty previously traded over-the-counter in the US before that trading was suspended on Friday ahead of its Nasdaq debut.
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The offering, upsized from $75 million when it was launched early last week, was multiple-times oversubscribed, according to people familiar with the matter. They said the 10 largest investors in the offering took up 70% and the top 20 investors took 90%. Almonty declined to comment.
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The company’s shareholders voted in February in favor of redomiciling from Canada to Delaware, reflecting the growing importance of the US in its strategic positioning, according to a filing with the US Securities and Exchange Commission. Almonty has a 15-year contract with a US defense company to supply tungsten, a hard metal used in a range of applications, including armor plating and missiles.
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The move comes after the US government announced plans to ban tungsten produced or refined in China, Russia and North Korea for military procurement beginning in 2027, according to the filing, as the nation seeks to reduce its reliance on those countries for critical minerals used by defense contractors.
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Almonty’s main asset is the Sangdong Tungsten Mine in South Korea, and it also owns and operates a mine in Portugal.
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The offering was led by Oppenheimer & Co. and Cantor Fitzgerald & Co.
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