Silver miner Sinda raises $323 million in US IPO, placement

Sinda Ltd., a silver mining company, raised $323 million in a US initial public offering and private placement, after moving up the timeline of its debut.

The Mexico-based firm priced 17.75 million shares at $12 each, according to a statement Thursday. The company had offered 17.75 million IPO shares for $11.25 to $13.25 each, and had expected to price the deal on June 30.

Franco-Nevada Corp. was interested in buying as much as $10 million of shares in the offering, according to its filing. In a concurrent deal, Fresnillo Plc agreed to purchase as much as $110 million of shares at the IPO price. The placement was contingent on the IPO raising gross proceeds of at least $199 million and a minimum share price of $11.25.

At the IPO price, Sinda would have a market value of $1.88 billion based on the outstanding shares listed in its filing.

Sinda holds or has rights to explore five contiguous mining concessions in Mexico’s Guanajuato state, north west of Mexico City. The company estimates that its project holds about 369 million silver-equivalent ounces of inferred mineral resources and about 16 million silver-equivalent ounces of indicated mineral resources, the filing shows.

The company is targeting for production to begin by 2031 and plans to use the proceeds of the IPO for drilling, exploration and development of the project.

The IPO comes as spot silver prices have climbed about 60% over the past year on a combination of haven demand, buying from China and increased industrial use in data center cooling and solar panels.

Sinda is backed by natural resources-focused investment firm Electrum Group, the filing shows. Another Electrum company, Sunshine Silver Mining & Refining Co., raised $270 million in a June US listing and saw its shares rise 27% on its first trading day. Electrum was expected to hold 78% of shareholder voting power in Sinda after the IPO and placement, the filings show.

Sinda had a net loss of $11.6 million in the first three months of 2026, versus a loss of $2.6 million in the same period a year earlier, according to the filing.

The offering was led by Morgan Stanley, Bank of Nova Scotia and Bank of Montreal. The company expects its shares to trade on the New York Stock Exchange Friday under the symbol SIND.

(By Anthony Hughes)