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2d ago

Cobalt Holdings Launches $230 Million IPO on London Stock Exchange

The company, backed by Glencore and Anchorage, aims to provide investors with direct exposure to cobalt prices through a buy-and-hold strategy as demand for EV batteries grows.

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Cobalt Holdings will buy and hold cobalt, which is primarily used in lithium ion batteries

Overview

  • Cobalt Holdings plans to raise $230 million through its IPO, with admission to the London Stock Exchange expected in June 2025.
  • Cornerstone investors Glencore and Anchorage have committed to 20.5% of the offering, signaling confidence in the commodity's long-term value.
  • The company has secured an initial $200 million cobalt purchase from Glencore at a discounted rate, with rights for five annual acquisitions worth up to $1 billion.
  • Led by Jake Greenberg, co-founder of Yellow Cake, Cobalt Holdings will emulate a physical-commodity investment model focused on cobalt for EV batteries.
  • The IPO comes as London seeks to revitalize its listing environment, with cobalt supply challenges amplified by export restrictions in the Democratic Republic of the Congo.