Manganese miner Jupiter Mines (ASX: JMS) has raised $240 million to give itself a second shot at being a listed company, returning to ASX trade yesterday with shares up 5% to 42c per share at the time of writing.
In the biggest mining IPO in almost 10 years, Jupiter Mines promises to wow investors with strong cash generation from its South African Tshipi Manganese Mine share, with a 70% return of profits to shareholders on the cards.
Jupiter has forecast NPAT of $202 million out of its Tshipi project, of which it owns a 49.9% stake.
Jupiter CEO Priyank Thapliyal says the company now runs a "lean and mean team" after Jupiter was delisted in 2014 during a period of weak commodity prices.
Australia is the world's third-largest Manganese producer, after China and South Africa, with diversified metals company South32 Ltd (ASX: S32) finding success with manganese mining via its Groote Eylandt Mine in the Northern Territory.
All eyes are on the bigger names in the mining sector this week with the likes of BHP Billiton Limited (ASX: BHP) having a good week so far, with shares up 2.63% to $30.86 at the time of writing and Rio Tinto Limited (ASX: RIO) also on the up, rising 2.2% to $80.74.
