What we know so far
Base metal, precious metals, industrial and development company Comet Resources is set to list on the Australian Securities Exchange (ASX). This means you'll soon be able to buy company shares through a broker.
Comet Resources targeted a raise of $27,000,000 at $0.20 a share in its initial public offering (IPO). While the dates and prices may change, the company is pegged to begin trading publicly on the on Withdrawn.
Here's what we know about the initial public offering (IPO), including how to invest before it lists and how to buy in when it lists.
You can invest in pre-IPO stock through a participating broker or lead manager before the offer closes on 27 March 2023. In this case, the Comet Resources IPO is being lead managed by Peloton Capital Pty Ltd, Aitken Mount Capital Partners Pty Ltd and Shaw and Partners Limited.
If you're already registered with a broker, check if they're offering pre-listed stock or think about signing up to a participating broker.
However, it can be tricky for regular investors to participate in IPOs because only a few firms are usually allocated pre-IPO stock. In most cases, these are full-service brokers that require a large initial deposit.
Your other easier option is to buy shares in Comet Resources once it goes public. You can do that through a share trading platform:
Comet Resources lodged its prospectus with the Australian Securities and Investments Commission (ASIC) to list on the under the ticker symbol CRL.
Peloton Capital Pty Ltd, Aitken Mount Capital Partners Pty Ltd and Shaw and Partners Limited were appointed as lead managers with an expected raise of $27,000,000 at $0.20 per share. You can check out some of the key dates and figures in the table below:
|Comet Resources IPO key numbers|
|Total number of shares available under the offer||135,000,000|
|Proposed ASX code||ASX: CRL|
|Target market cap||$61,181,849|
|Retail offer opens||6 March 2023|
|Retail offer closes||27 March 2023|
|Expected listing on ASX||Withdrawn|
|Expected dispatch of holding statements||30 March 2023|
According to latest information available, retail investors (regular investors) have between 6 March 2023 and 27 March 2023 to participate in the Comet Resources IPO. After the retail offer close date, you'll need to wait until the stock is publicly available on the to buy shares.
In FY22, the company earned $4,035,515 income. Estimated net profit (NPAT) in FY22 was $412,672, and -$3,351,273 in the prior year.
Comet Resources was incorporated in 1993 and is based in Perth, Western Australia.
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