Cobalt Holdings PLC on Monday confirmed its intention to float on the Main Market of the London Stock Exchange.

The company created primarily to purchase and hold physical cobalt and the ‘only company offering public equity investors pure-play direct exposure to the price of cobalt’ last week announced its plan for an initial public offering to raise about $230 million.

The plan is to start trading on or around June 10.

Cobalt said Glencore International AG will participate as a cornerstone investor with $24.3 million, holding a stake of about 10% in Cobalt post-IPO.

Further, Anchorage Structured Commodities Advisor LP will invest $23 million in Cobalt for a post-IPO stake of around 9.5%.

Last week, Global said it agreed a six-year supply contract with Glencore for the supply of cobalt worth up to $1 billion, as well as a further supply contract to acquire up to 1,500 tonnes of cobalt from Anchorage in 2031.

Cobalt had made an initial $200 million purchase of cobalt from Glencore at a discount to the spot price of last week Monday.

Copyright 2025 Alliance News Ltd. All Rights Reserved.