What we know so far
|Expected raise:||$10,000,000 - $15,000,000|
Mining and exploration company Tolu Minerals is set to list on the Australian Securities Exchange (ASX). This means you'll soon be able to buy company shares through a broker.
Tolu Minerals targeted a raise of $10,000,000 - $15,000,000 at $0.50 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 While the dates and prices may change, the company is pegged to begin trading publicly on the ASX on Withdrawn.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 24 February 2023. In this case, the Tolu Minerals IPO is being lead managed by Blue Ocean Equities Pty Ltd and Martin Place Securities Pty Ltd.
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 Tolu Minerals once it goes public. You can do that through a share trading platform:
Tolu Minerals lodged its prospectus with the Australian Securities and Investments Commission (ASIC) to list on the ASX under the ticker symbol TOK.
Blue Ocean Equities Pty Ltd and Martin Place Securities Pty Ltd were appointed as lead managers with an expected raise of $10,000,000 - $15,000,000 at $0.50 per share. You can check out some of the key dates and figures in the table below:
|Tolu Minerals IPO key numbers|
|Total number of shares available under the offer||20,000,000 - 30,000,000|
|Proposed ASX code||ASX: TOK|
|Target market cap||$57,426,334 - $62,676,334|
|Retail offer opens||13 January 2023|
|Retail offer closes||24 February 2023|
|Expected listing on ASX||Withdrawn|
|Expected dispatch of holding statements||10 March 2023|
According to latest information available, retail investors (regular investors) have between 13 January 2023 and 24 February 2023 to participate in the Tolu Minerals IPO. After the retail offer close date, you'll need to wait until the stock is publicly available on the ASX to buy shares.
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