June 22 - Sinda, a silver exploration company, began its U.S. IPO roadshow on Monday with a target valuation of up to $1.97 billion. The firm is proposing an offering of 17.75 million shares, with the price range set between $11.25 and $13.25 per share. If the shares are sold at the top end of that range, the offering would raise up to $235.2 million.
The timing of Sinda's roadshow coincides with what market participants see as a busier season for initial public offerings. The company’s debut comes as equity market conditions and investor sentiment have improved, contributing to greater activity among firms seeking public listings. On the same day Sinda launched its roadshow, two other companies also moved ahead with U.S. IPO processes: Lime, which is backed by Uber, and ITG, a digital infrastructure company backed by Oaktree.
Sinda is part of the portfolio of The Electrum Group, an investment firm focused on natural resources. The company is led by founder and chairman Thomas Kaplan, who is described in the filing as a prominent investor in precious metals and natural resource assets. Sinda is described in its prospectus as an exploration-stage company concentrated on advancing the Sinda Property in Guanajuato, Mexico.
The Sinda Property is presented by the company as a large primary silver deposit that it believes has the potential to grow into a mining operation of global significance. The IPO prospectus highlights the relative rarity of large primary silver assets, stating: "Large primary silver assets such as the Sinda Property are rare, with only approximately 26% of global mined silver supply coming from primary silver mines in 2025," it said in its IPO prospectus.
Mining companies more broadly have seen support from elevated commodity prices, and the prospectus notes that silver has risen over the past year. The company points to both investor demand for precious metals and industrial demand from solar panel and electronics manufacturers as factors linked to silver's recent performance.
Once the offering is completed, Sinda’s shares are expected to begin trading on the New York Stock Exchange under the ticker symbol "SIND." Morgan Stanley, Scotiabank and BMO Capital Markets are named as the lead underwriters on the deal.
Contact and next steps
The roadshow will inform final pricing and allocation decisions ahead of the listing. Investors and market observers will track pricing, demand and any updates provided in the prospectus or during the roadshow sessions.