Chilwa Minerals (ASX:CHW) started the process for an initial public offering (IPO) in the US with a dual-listing on the Nasdaq mainboard, according to a Friday filing with the Australian bourse.
The company's ordinary shares would trade on Nasdaq through an American depositary receipt (ADR) program, with each ADR representing a specific number of shares, the filing said.
The program would supplement the primary listing of the company's shares on the Australian Securities Exchange, per the filing.
Shares rose 3% in afternoon trade Friday.