Metals Acquisition (NYSE:MTAL) has commenced trading on the ASX after completing its oversubscribed IPO, raising $325 million.

The IPO, the largest mining listing on the ASX in over five years, involved 19,117,648 CDIs at $17 each, implying a market capitalization of around $1.18 billion.

Metals Acquisition aims to acquire and operate metals and mining assets crucial for global electrification and decarbonisation.

The CSA copper mine, Metals Acquisition's foundational asset, will benefit from the IPO proceeds, primarily repaying a $127 million deferred consideration facility.