April 28 (Reuters) – Rare Earths Americas said on Tuesday it is seeking a valuation of up to $368.4 million in its U.S. initial public offering, as it banks on investor interest due to strong demand for critical minerals used in products ranging from EVs to smartphones.
Their importance is driving a push for new supplies from Western countries seeking to reduce reliance on China’s dominance in extraction and processing.
Here are some details of the sector and IPO:
• Rare Earths Americas said it is an exploration-stage company that is advancing a portfolio of critical minerals projects focused on high-grade heavy rare earth assets.
• The company plans to sell roughly 2.78 million shares priced between $17 and $19 each, raising as much as $52.8 million in the offering.
• Rare earths are a group of 17 elements, comprising 15 silvery-white metals known as lanthanides, along with scandium and yttrium.
• Rare earths, often used to make magnets, are found in small but critical quantities in products ranging from smartphones and washing machines to fighter jets such as the F-35.
• After the IPO, Rare Earths Americas will trade on NYSE American, under the ticker symbol “REA.”
• Cantor and Stifel are the lead underwriters of the offering.
(Reporting by Manya Saini in Bengaluru; Editing by Leroy Leo)
Comments