Lumina Metals shares teeter after Toronto IPO

Lumina Metals Corp. shares rose 0.8% after the Canadian company and one of its shareholders raised C$406.2 million ($297 million) in an initial public offering.

Shares of the copper and silver mining company opened at C$12.60 each on Thursday as of 9:30 a.m. in Toronto, versus an IPO price of C$12.50 apiece. The stock wavered in morning trading.

The IPO was multiple times oversubscribed, people familiar with the matter have said.

Proceeds from the offering will go toward funding the development of three copper and silver projects in southwestern Poland. They will collectively represent one of the largest discoveries of its kind in Europe in recent decades, according to the company’s preliminary prospectus.

More North American mining firms have joined the IPO fray in recent years to capture the exuberant demand for metals. Sunshine Silver Mining & Refining Corp. is pursuing an IPO to help reopen an Idaho mine, people familiar with the matter have said. Barrick Mining Corp. is exploring a listing of its North American gold mines and McEwen Copper Inc. aims to raise about $300 million in an IPO by year end for an Argentina project.

Lumina Metals had a net loss of C$11.98 million in 2025, compared with a net loss of C$7.75 million in 2024, according to the filing.

The IPO builds on a resurgence in first-time share sales in Canada, after activity hit a two-decade low in 2023. That’s when the country saw just a single listing raising more than $50 million, data compiled by Bloomberg show.

AGT Food & Ingredients Inc. debuted in a C$449.5 million IPO earlier this year, and generic drugmaker Apotex Inc. is seeking to raise as much as C$1 billion in a deal that could come in the first half of this year, Bloomberg News reported.

Lumina Metals’ offering was led by Bank of Montreal, National Bank Financial Inc., Morgan Stanley, Royal Bank of Canada and Canadian Imperial Bank of Commerce. The shares trade on the Toronto Stock Exchange under the symbol LMCU. The company plans to also pursue a listing on the Warsaw Stock Exchange, the filing shows.

(By Stephanie Hughes)