Lithium Royalty Corp, a Toronto-based lithium-focused royalty company, announced the completion of its C$150 million (~$109 million) initial public offering (IPO) of its common shares on the Toronto Stock Exchange.

The company sold 8,824,000 common shares at an offering price of C$17 (~12.3) per share for total gross proceeds of about $109 million. Lithium Royalty started trading on Toronto Stock Exchange under the ticker symbol “LIRC.”

The underwriters have been granted an over-allotment option to purchase an additional 1,323,600 common shares at C$17 (~12.3) per share for additional gross proceeds of approximately C$22.5 million (~$16.4 million) if the over-allotment option is exercised in full.

The lead underwriters were Canaccord Genuity and Citigroup Global Markets Canada. Other underwriters included TD Securities, Cormark Securities, National Bank Financial, BMO Capital Markets, Scotiabank, Raymond James, and Red Cloud Securities.

Lithium Royalty has a diversified portfolio of 29 royalties on mineral properties worldwide. The company’s portfolio focuses on high-grade and low-cost mineral projects in Australia, Canada, South America, and the United States.

Lithium Royalty’s shareholders include US private equity firm Riverstone Holdings.

According to Mercom’s Annual And Q4 2022 Funding and M&A Report for Storage, Grid & Efficiency. In 2022, announced debt and public market financing for energy storage companies increased 151%, with $20.6 billion in 28 deals compared to $8.2 billion raised in 2021. Six energy storage companies went public in 2022 compared to four in 2021.

Recently, Sakuu Corporation, a provider of solid-state battery solutions,  entered into a definitive business combination agreement with Plum Acquisition Corp. I, a special purpose acquisition company (SPAC), for a merger resulting in Sakuu becoming a publicly traded company. The business combination values the company at an enterprise value of $705 million.