By Adam Whittaker
Glencore-backed Cobalt Holdings said it intends to list on the London Stock Exchange and raise $230 million as part of an initial public offering.
The company said Monday that it expects to list 90,000,000 shares on the London market in June 2025 but didn't disclose a target price.
Cobalt Holdings said Glencore intends to invest around $24.3 million in the company and hold roughly 10% of the listed shares. Meanwhile, Anchorage has agreed to invest $23 million, which is expected to be around 9.5% of the listed stares.
The company also said it secured a six-year supply contract with Glencore worth up to $1 billion of cobalt. It also signed a supply agreement for 1,500 tons of cobalt with Anchorage for 2031.
Write to Adam Whittaker at adam.whittaker@wsj.com
(END) Dow Jones Newswires
May 12, 2025 02:55 ET (06:55 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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