2022 has been the year of small deals, as most large issuers delay their offering plans, but recent filer Sedibelo Resources (SED) could break the latest dry spell of sizable IPOs.
Planning to dual list on the NYSE and the Johannesburg Stock Exchange, Sedibelo Resources has a portfolio of platinum group metals (PGM) projects in South Africa. Its core Pilanesberg Platinum Mine has been operational since 2008 and is located within the Bushveld Complex, which contains approximately 91% of the world’s PGM-bearing ore. After achieving 2020 sales of $278 million with a 41% EBITDA margin, y/y production fell in both 2021 and the 1Q22 due to safety incidents, community unrest, and heavy rains. The company now believes it can use IPO proceeds to expand production, targeting a 17.5% CAGR through 2030, while it brings ore refining in-house through the development of a state-of-the-art processing plant.
The miner’s $100 million filing at the end of July was the largest initial filing since...
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