Tungsten producer Almonty rises in Nasdaq debut after upsized $90 million US IPO
Shares of tungsten concentrate producer Almonty Industries ALM.O rise 6.7% to $4.80 in Nasdaq debut
Stock opens at $5.02 apiece vs $4.50 IPO price
ALM raised $90 million in its upsized U.S. IPO by selling 20 million shares
Oppenheimer and Cantor were the joint bookrunners for the offering
Proceeds will be used for development of the company's Sangdong tungsten oxide facility in South Korea and other purposes
Earlier this year, ALM announced its intention to relocate to the U.S. from Canada
Tungsten is a crucial mineral for defense and high-tech applications, including armor-piercing ammunition, missile components, radiation shielding and hypersonic weapons
ALM, which supplies tungsten to the U.S. and its allies, is already listed on the Toronto Stock Exchange, the Australian Securities Exchange and the Frankfurt Stock Exchange
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