Juno Minerals is a spin-off company from manganese-focused company Jupiter Mines (ASX:JMS), owning the Mt Mason DSO hematite project and Mt Ida magnetite projects in Western Australia.
Mt Mason contains a measured and indicated Mineral Resource of 5.9 million tonnes at 60.1 per cent iron while Mt Ida hosts a resource of 1.85 billion tonnes at 29.5 per cent iron on a granted mining lease.
The listing comes at a hot time for iron ore with prices for the steel-making commodity recently exceeding US$200 per tonne.
Juno raised $3.9 million at 25 cents per share and it also received $5 million in seed capital from Jupiter although Jupiter did not keep a direct stake in the company.
Shares fell over 20 per cent upon the company’s debut.
Juno Minerals (ASX:JNO) ASX share price chart
Australian Clinical Labs (ASX:ACL) debuted only half an hour later at 12.30pm.
The Melbourne-based company raised over $408 million making it the biggest ASX IPO of 2021 to date.
It runs pathology clinics and is the third largest network of its kind in Australia. It collects, analyses and reports on 8.3 million “episodes” via its network.
The company has been gradually built up over the last six years through the integration of multiple pathology clinics and will acquire more at the same time as its IPO.
The Medicare benefits paid for pathology has grown at a compound annual growth rate (CAGR) of 5.4 per cent and Australian Clinical Labs is tipping consistent growth between 4 and 6 per cent in the years ahead.
It goes without saying pathology has been critical during COVID-19 as it conducts COVID-19 test but even prior to COVID it is important to the health system.
Upon debut its shares fared better than Juno but still retreated – by 8 per cent to $3.68.
Australian Clinical Labs (ASX:ACL) ASX share price chart
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Barry Stroman was a reporter for Zerg Watch, before becoming the lead editor. Barry has previously worked for Wired, MacWorld, PCWorld, and VentureBeat covering countless stories concerning all things related to tech and science. Barry studied at NYU.