en.Wedoany.com Reported - Mexican mining company Sinda has completed its initial public offering (IPO) on the New York Stock Exchange (NYSE), raising $213 million by selling 17.75 million shares. The proceeds will be used to advance the development of its Sinda gold and silver project in the state of Guanajuato.
The company priced its shares at $12 each, but the stock began trading on the NYSE at $10.80 under the ticker SIND. The closing price on the first day of trading was down 10% from the offering price. This move makes Sinda one of the mining companies that have recently leveraged the high metal price environment to finance capital-intensive projects through capital markets. However, the offering price was below the midpoint of the expected range, reflecting investor caution toward companies that have not yet generated production. IPOX Research analyst Lukas Muehlbauer told Reuters that this could be a signal that the window for mining companies to go public is only selectively open, and pre-production companies do not have a clear path, as their value depends on the ability to execute projects over several years.
Founded in 2012 and originally named Minera Adularia Exploración, Sinda is currently developing the Sinda project in the Guanajuato silver belt, one of Mexico's main silver-producing regions. The company expects commercial production to begin around 2031. In March, Sinda Country Manager Fabián Galindo told BNamericas in an interview that the company is working to turn the project into a new gold and silver mine and is currently executing a drilling program restarted in 2025, following the acquisition of funding and environmental permits that allowed exploration activities to resume. Galindo explained that the project is based on a mining concession obtained before the 2023 mining law reform, so it can advance through routine environmental permits and technical studies before entering the development phase. The company also noted that under the current administration, the regulatory environment for mining exploration is more favorable, but greater regulatory certainty is still needed to drive new investment in the sector.
Sinda is backed by Electrum Group, a natural resources-focused investment company led by Thomas Kaplan. The company plans to use the IPO proceeds to accelerate exploration, expand drilling scope, and develop underground infrastructure. Sinda Executive Chairman Daniel Muñiz Quintanilla stated that the gold and silver deposit was discovered beneath a clay cover that had kept it hidden from generations of prospectors, and the company believes the deposit has the potential to become a world-class mining project.
