Talison Lithium has withdrawn its initial public offering after the bid did not reach an “acceptable value.”
Talison stated that while investors had not supported its float at the price offered, existing shareholders are still supportive.
It announced last month that it would aim to raise between $143.5 million and $196.4 million through the issue of 35 million shares, with a price of $4.10 to $5.10 per share.
Its majority shareholder Resource Capital Fund IV also had an option to sell an additional 3.5 million shares. Talison planned to dual list on both the Australian and Toronto stock exchanges.
A spokesperson for Talison told MININGDAILY that while it is well positioned to continue its growth in the lithium market; it is unable to comment on whether it would consider carrying out another IPO in the future. Talison has “strength in the market either as a private or a public player,” the spokesperson said.
Talison’s Greenbushes mine is currently Western Australia’s only producing lithium mine, which is located approximately 250km south of Perth.
This latest IPO withdrawal follows Cape Lambert announcing last week that it was pulling its $200m Q Copper listing.