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Triple Flag Precious Metals Corp, a gold-focused streaming and royalty enterprise, is one of the latest Canadian firms seeking to go public via an initial public offering (IPO). The company, on Monday, May 10, announced the filing of its IPO preliminary prospectus with the required securities regulatory authorities in the country.
Founded in 2016, Triple Flag holds a diversified portfolio of precious metals-oriented streams and royalties that primarily provide an exposure to gold and silver in North America, South America and Australia. Let us take a closer look at its IPO details.
Triple Flag Precious Metals Corp – IPO Price, IPO Size, Date, etc
Triple Flag Precious Metals plans to sell a total of about 19.2 million shares in the range of US$ 11.5 and US$ 14.5 apiece. The company said in its latest regulatory filing on Monday that it expects to raise a total of about US$ 250 million from the IPO, considering the shares are sold at the mid-point of the range.
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Triple Flag’s IPO is being co-headed by Bank of America Securities, Bank of Nova Scotia and Credit Suisse Group, which are leading a group of underwriters including Canadian Imperial Bank of Canada, Bank of Montreal, National Bank, etc.
Once its IPO is through, Triple Flag reportedly plans to list its shares on the Toronto Stock Exchange (TSX) under the ticker symbol of ‘TFPM’.
The Canadian royalty and streaming firm had attempted getting publicly listed once before. In 2019, Triple Flag scrapped its IPO plans saying that it was “a difficult market environment”.
The Toronto-based company, which was backed by Elliot Management Corp, had back then planned to price its shares in the range of C$ 15 to C$ 18 apiece and generate a capital of about C$ 360 million.
The company’s founder Shaun Usmar, who was the former CFO at Barrick Gold Corporation (TSX:ABX) had said in a statement in 2019 that while investor interest was encouraging, the environment of the market for fresh share offerings was "challenging".
This time around, Triple Flag plans to use the net proceeds generated from its IPO to pay off its existing debts, the company said in its latest release.
It is, however, yet to announce a date or a time frame for its IPO and public debut.
