The Green Technology Metals Ltd (ASX: GT1) share price debuted on the ASX today, immediately surging 70%.
The company's prospectus offered shares in the lithium explorer and developer for 25 cents apiece but the market appears to see additional value in its stock.
At the time of writing, the Green Technology Metals share price is trading at 41 cents. This, after the company's newly minted stock has already seen an intraday high of 50 cents — a 100% gain.
Let's take a closer look at the ASX's newest face.
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Green Technology Metals share price starts strong
All eyes are on the Green Technology Metals share price today as the company's initial public offering (IPO) is blown out of the water.
The company listed at midday AEDT. Since then, it has seen its value increase by nearly three-quarters of its offer price.
That leaves Green Technology Metals with a market capitalisation of around $82.9 million. For context, at its offer price, the company expected a market capitalisation of approximately $49.3 million.
Right now, more than $8.6 million in Green Technology shares has swapped hands since it listed.
Green Technology Metals earned around $24 million through its IPO which received the maximum number of applications and, thus, saw 96 million new shares handed to investors.
9.2% of the company's shares at the time of listing are owned by insiders.
About the company
Green Technology Metals is a lithium-focused resource explorer. It has the option to earn an 80% interest in 3 lithium prospective projects, all located in Ontario, Canada.
Right now, Green Technology Metals has a 51% holding in the projects as part of a joint venture with Ardiden Ltd (ASX: ADV).
Green Technology has the option to receive another 29% holding by providing Ardiden with $3.5 million in cash or scrip.
Previously, the company has provided Ardiden with $1.5 million to begin the joint venture, as well as 9 million Green Technology shares and $1.75 million of cash during its IPO process.
