Insights

Evolution Energy Minerals (ASX:EV1) share price rockets 250% after IPO

What a first day Evolution Energy Minerals shares are having…
The post Evolution Energy Minerals (ASX:EV1) share price rockets 250% after IPO appeared first on The Motley Fool Australia. –

The Evolution Energy Minerals Ltd (ASX: EV1) share price has landed on the ASX boards today following the successful completion of its initial public offering (IPO).

And what a first day it has been!

At one stage today, the graphite explorer’s shares were up as much as 250% to 70 cents.

The Evolution Energy Minerals share price has pulled back a touch since then but remains up 210% at 62.7 cents currently.

The Evolution Energy Minerals IPO

Evolution Energy Minerals shares commenced trading on the ASX this morning after completing an oversubscribed IPO that raised $22 million at 20 cents per share.

On completion of the IPO, the company had a market capitalisation of approximately $32 million. However, following today’s gain by the Evolution Energy Minerals share price, its market capitalisation has ballooned to almost $100 million.

What are the funds for?

The release notes that proceeds from the IPO will allow the company to immediately progress a number of work streams. These are all aimed at moving the recently acquired Chilalo Graphite Project in Tanzania towards a construction decision as soon as possible.

These work streams include front-end engineering design, advancing studies on downstream processing, stakeholder engagement, updating the relocation action plan, continuing graphite product qualification and marketing, and the implementation of an ESG program.

Management commentary

Evolution’s Executive Chairman, Trevor Benson, commented: “We are extremely pleased with the response from institutional and retail investors to our IPO which was significantly oversubscribed. Chilalo is a well-advanced graphite asset and having successfully completed the IPO, Evolution is strongly positioned to advance Chilalo towards development. A comprehensive work program is now under way, firmly focused on achieving this objective.”

“The success of the IPO was only possible due to the support of our shareholders. We sincerely thank our shareholders and look forward to what shapes as an exciting time ahead,” he concluded.

The post Evolution Energy Minerals (ASX:EV1) share price rockets 250% after IPO appeared first on The Motley Fool Australia.

Should you invest $1,000 in Evolution Energy Minerals right now?

Before you consider Evolution Energy Minerals, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Evolution Energy Minerals wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

Wilson Asset Management (WAM) thinks these 2 top ASX shares are a buy

Vulcan Energy (ASX:VUL) share price lifts 6% to defy wider market selloff. Here’s why

The Paladin (ASX:PDN) share price is up 19% in the last week. Here’s why

Why is the ASX All Ordinaries lifting to a fresh 7-week high?

Can the All Ords hit 8,000 points by the end of the year?

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!