Cobalt Holdings Set for London’s Biggest Mining IPO Since 2022: A $230M Industry Shake-Up

Biggest Mining IPO Since 2022

The London Stock Exchange is poised for a major mining market revival in 2025, as Cobalt Holdings prepares to launch what may be the largest mining IPO since 2022. With a funding target of $230 million (£174 million), this listing signals a renewed investor appetite for critical minerals—especially cobalt, a key ingredient in electric vehicle (EV) batteries and renewable energy technologies.

A Strategic Bet on Cobalt’s Future

Cobalt Holdings isn’t your typical mining company. It doesn’t mine cobalt—it buys, stores, and trades it. The company plans to use IPO proceeds to purchase 6,000 tonnes of physical cobalt from commodities giant Glencore under a six-year supply agreement.

This positions Cobalt Holdings as a low-cost, physical holding vehicle for investors seeking direct exposure to cobalt prices, rather than the operational risks of mining.

Backed by Industry Giants

The IPO has drawn heavyweight backing:

• Glencore will supply the cobalt and take a 10% stake in Cobalt Holdings.

• Anchorage Capital, a U.S. investment firm, is also on board, bringing the combined insider ownership to 20.5%.

These partnerships offer both supply security and strong financial backing—critical factors in a volatile commodities market.

Global Market Timing

The launch couldn’t be more timely:

• The Democratic Republic of Congo, which supplies over 75% of the world’s cobalt, recently imposed a four-month export moratorium, causing short-term supply concerns.

• Although cobalt prices have slumped since their 2022 highs, long-term demand remains strong due to growing needs in EVs, smartphones, and grid storage systems.

Cobalt Holdings is positioning itself as a strategic storage and trading platform ready to benefit from any price rebound.

‍ A Seasoned Leadership Team

CEO Jake Greenberg, co-founder of uranium investment company Yellow Cake PLC, brings experience in managing commodities as investable assets rather than operating mines. His model emphasizes transparency, low costs, and physical backing—an approach that’s proven popular with institutional investors.

What This Means for Investors

If successful, Cobalt Holdings will become a new kind of commodity player—more like a cobalt ETF than a traditional mining firm. It gives shareholders direct cobalt exposure without operational or geopolitical risk from mining jurisdictions.

With growing focus on securing critical minerals for the energy transition, this IPO could pave the way for more listings centered on strategic resource investment rather than extraction.

Final Thoughts

The $230 million IPO by Cobalt Holdings is more than a financial event—it’s a signal of where the industry is headed. As clean energy and battery demand surge, innovative models like this will shape the future of resource investment. If you’re tracking the evolution of the mining sector or the critical minerals supply chain, this is one IPO to watch.