Silver miner Sinda seeks $345.2 million in US IPO, placement

Sinda Ltd., a silver mining company, is looking to raise as much as $345.2 million in a US initial public offering and private placement, as firms seek to capitalize on rising metals prices.

The Mexico-based firm plans to market 17.75 million IPO shares for $11.25 to $13.25 each, according to a filing with the US Securities and Exchange Commission Monday. At the top of that range, the IPO would raise $235.2 million. Franco-Nevada Corp. is interested in buying as much as $10 million of shares in the offering.

In a concurrent deal, Fresnillo Plc agreed to purchase as much as $110 million of shares at the IPO price, the filing showed. The placement is contingent on the IPO raising gross proceeds of at least $199 million and a minimum share price of $11.25.

If the IPO and private placement priced at the top of the range, Sinda would have a market value of $2.08 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 84% 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-backed firm, Sunshine Silver Mining & Refining Co., raised $270 million in a June US IPO and saw its shares rise 27% on its first trading day. After Sinda’s IPO and placement, Electrum is expected to hold 78% of shareholder voting power.

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, the filing shows.

The offering is being 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 under the symbol SIND.

(By Monique Mulima)