Evolution Energy Minerals Ltd (ASX:EV1) debuted on the Australian stock exchange today.

Following an IPO at $0.20/share raising $22 million, giving the company a market capitalisation of $32 million, shares in Evolution Energy Minerals soared 222.5% to $0.645/share.

Evolution?s Executive Chairman Trevor Benson said ?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.

An increase in listing price is a vote of confidence from the market about the future prospects of the company.

A decrease in the listing price can be interpreted in a number of ways, including whether the IPO was accurately priced.