Sinda Raises $213 Million in NYSE IPO, Shares Open 10% Lower

Sinda Ltd. (NYSE: SIND) raised about $213 million in its initial public offering, but its shares opened 10% below the offer price in their New York Stock Exchange debut on Friday, an early sign of investor caution toward a pure-play silver listing with no current production or revenue.

The Mexico-based silver exploration and development company priced 17.75 million shares at $12.00 each late Thursday, within its marketed range of $11.25 to $13.25 but below the midpoint. Underwriters received a 30-day option to buy up to 2,662,500 additional shares to cover over-allotments.

Sinda's shares opened at $10.80, down $1.20 from the offer price. The stock later recovered to finish its first session at $12.00, flat to the IPO price, on volume of about 2.33 million shares.

At the IPO price, Sinda's market capitalization was about $1.8 billion, a figure likely to draw investor focus given the company is still in the exploration stage. According to its prospectus, Sinda has not yet created a mine plan or started production. For the 12 months ended March 31, 2026, it reported a net loss of $27.72 million on no revenue.

Based in San Miguel de Allende, Guanajuato, the company is advancing a silver-gold project across five contiguous concessions covering about 6,232 hectares in Mexico's historic Guanajuato epithermal silver belt. A technical report summary prepared by SRK Consulting, with an effective date of November 24, 2025, outlined inferred mineral resources of about 369 million silver-equivalent ounces and indicated mineral resources of about 16 million silver-equivalent ounces. Sinda aims to reach initial production by 2031.

Sinda is a portfolio company of The Electrum Group, the natural resources investment firm led by Thomas Kaplan. Prospectus disclosures said Franco-Nevada had indicated interest in buying up to $10 million of stock in the IPO, while Fresnillo had indicated interest in buying up to $110 million in a concurrent private placement. Those figures were indications of interest, not confirmed allocations.

Morgan Stanley, Scotiabank and BMO Capital Markets acted as joint lead book-running managers. Canaccord Genuity, Citigroup and RBC Capital Markets were also joint bookrunners. The SEC declared the registration statement effective on June 25, and the offering was expected to close on June 29, subject to customary conditions.

Friday's trading underlined the balance the market is weighing. Sinda brought a sizable silver resource and recognizable mining-sector sponsors, but it arrived as a pre-production issuer with a multi-year path to cash flow and a valuation that already assumes substantial future progress.