Cobalt holdings set for $230m fundraise through London Stock Exchange float

Glencore takes 10% stake

Cobalt Holdings, a company dedicated primarily to the purchase and holding of physical cobalt, has unveiled plans for an initial public offering (IPO) on London’s main market.

In a London Stock Exchange statement, the firm said it intends to raise approximately $230m through the sale of new shares.  Glencore and Anchorage have already agreed to participate as a cornerstone investor, according to the statement, with the pair set to invest around $24.3m and $23m, respectively, equivalent to stakes of approximately 10% and 9.5%.  Trading firm iFOREX eyes London Stock Exchange float Cobalt is predominantly produced as a by-product of mining copper and nickel and is an essential component in rechargeable batteries for electric vehicles and other portable devi...