Sunshine Silver eyes $2.32B valuation in US IPO

Sunshine Silver Mining & Refining ​Company is targeting a valuation of up to $2.32 billion ‌in its US initial public offering, as the company seeks funds to restart a mine in Idaho that produced silver, antimony and other ​minerals.

The Kellogg, Idaho-based company is seeking to raise up ​to $330 million by offering 20 million shares priced between $13.50 ⁠and $16.50 apiece, it said on Tuesday.

North American mining companies are ​gearing up to test investor appetite for new listings after ​metals such as silver witnessed a surge in demand earlier this year.

Among the deals under consideration are Barrick Mining’s potential listing of its North ​American gold assets and McEwen Copper’s planned IPO, which aims to ​raise about $300 million by year-end to fund its copper project in Argentina.

Founded ‌in ⁠2010, Sunshine Silver focuses on the acquisition, redevelopment and operation of precious metal assets across North America.

The company is working to restart and expand a previously shuttered mine in Idaho’s ​Silver Valley, one ​of the ⁠largest historic silver-producing regions in the United States.

Its backers include The Electrum Group and Ospraie ​Management. According to the filing, Electrum is expected ​to ⁠retain more than 50% of Sunshine Silver’s outstanding shares following the completion of the IPO.

Sunshine Silver will list on the New ⁠York ​Stock Exchange under the symbol “SSMR”.

Morgan Stanley, Scotiabank ​and BMO Capital Markets are the joint lead book-running managers for the ​offering.

(By Atharva Singh and Pragyan Kalita; Editing by Devika Syamnath)