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Cobalt Holdings Halts $230M IPO Amid Market Weakness

6/5/2025

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Summary

Story summary

Cobalt Holdings has canceled its $230 million IPO on the London Stock Exchange, the largest mining IPO since 2022.
The company planned to acquire 6,000 tonnes of cobalt from Glencore but paused due to weak investor interest.
CEO Jake Greenberg remains optimistic about a market recovery despite a 75% price decline over three years.
Glencore and Anchorage Capital had pledged investments in the IPO prior to its cancellation.

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Story summary

Cobalt Holdings has canceled its $230 million IPO on the London Stock Exchange, the largest mining IPO since 2022.
The company planned to acquire 6,000 tonnes of cobalt from Glencore but paused due to weak investor interest.
CEO Jake Greenberg remains optimistic about a market recovery despite a 75% price decline over three years.
Glencore and Anchorage Capital had pledged investments in the IPO prior to its cancellation.