Aurora Energy (ASX:1AE) shares trade 30% higher on ASX debut

3 min read | May 18, 2022 06:16 PM AEST | By Priyanka Payal

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Aurora Energy (ASX:1AE) shares trade 30% higher on ASX debut — Image source: © Joggi2002 | Megapixl.com

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Highlights

The share price of Aurora Energy Metals Limited jumped 30% at AU$0.260 per share at 4:11 PM AEST on its first day of trading on ASX.

The company started trading on ASX at 11 AM AEST today under the ticker code 1AE.

The shares of major Lithium stocks such as Core Lithium Ltd (ASX:CXO), and Pilbara Minerals Limited (ASX:PLS) also traded in the green today.

The share price of Aurora Energy Metals Limited made substantial gains on its ASX debut. On its first day of trading on the Australian securities exchange (ASX), the company’s shares rose as high as 30% at AU$0.260 per share at 4:11 PM AEST.

Aurora Energy Metals Limited falls under the materials sector. Today, the S&P/ASX 200 Materials Index (ASX:XMJ) was up 2.505% at 17202.800 points.

Aurora Energy Metals holds a 100% stake in several granted Mining Claims in southeast Oregon, the USA, comprising the Aurora Energy Metals Project. The project hosts a defined uranium resource. The company will carry out exploration programs to assess the potential of these two minerals.

Today, the company started trading on ASX at 11 AM AEST under the ticker code 1AE.

Aurora raised $8million in its initial public offering (IPO), via the issue of 40,000,000 ordinary shares at AU$0.20 per share (Public Offer). The company has an indicative market capitalisation of AU$28 million.

The company had appointed Euroz Hartleys as the lead manager for the capital raising. Commenting on this development, Aurora’s Managing Director, Greg Cochran, stated that the capital raising received a strong response from both retail and institutional investors.

Read More: Copper Mountain (ASX:C6C) shares zoom over 17% today, here's why

Increasing demand for Lithium

In its transition to green energy fuels and meeting the carbon emission targets, nations across the globe are slowly moving towards electric vehicles. People are being encouraged to adopt electric cars over cars that use traditional fuels like petrol and diesel. The surge in the demand for electric vehicles has considerably increased the demand for Lithium over the last two years. As a result of the soaring demand of Lithium, more and more mining companies are focusing on its exploration. It is to be noted that Lithium is an important component of the batteries of electric vehicles.

Image Source: © Adonis1969 | Megapixl.com

How did other lithium stocks perform today?

Meanwhile, the shares price of major Lithium stocks such as Core Lithium Ltd (ASX:CXO), and Pilbara Minerals Limited (ASX:PLS) traded in green today. Core Lithium shares were up 0.772% at AU$1.305 per share, while the share price of Pilbara Minerals Limited was up 2.564% at AU$2.800 per share on ASX during the intraday trading session today.

Read More: Zenith Minerals (ASX:ZNC) commences drilling at Waratah Well Lithium Project

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