Advanced Energy Minerals (ASX:AEM), a producer of high and ultra-high purity alumina, officially commenced trading on the ASX on Dec. 24 under the ticker “AEM,” following a well-supported initial public offering that raised approximately $44.8 million at an offer price of $0.53 per share.
The listing gives the company an initial market capitalisation of around $312 million and an enterprise value of approximately $272 million.
The IPO attracted participation from institutional, family office, and sophisticated investors in Australia and internationally, as well as existing shareholders.
AEM operates a commercial-scale HPA facility in Cap-Chat, Quebec, with a current capacity of 2,000 tonnes per annum, positioning it among the largest non-Chinese HPA producers globally.
The company plans to increase production to 3,000 tonnes in 2026 and 6,000 tonnes by 2029, supported by funding from Investment Quebec and Economic Development Canada.
The company's patented chlorine leach crystallisation purification process, combined with low-cost renewable hydroelectric energy, allows it to produce high-quality HPA at China-competitive costs.
The listing comes amid rising global demand for HPA in semiconductors, advanced ceramics, batteries, and synthetic sapphire, with forecast growth of ~10% CAGR for 4N/4N+ HPA between 2024 and 2035.
AEM's customer pipeline now sits at an annualised US$130 million (un-risked), reflecting strong demand for both standard and ultra-low uranium HPA.
Laboratory and pilot-scale testing of ultra-low uranium HPA has confirmed uranium content of less than 1 ppb, meeting performance requirements for thermal interface management in semiconductor applications.