Sinda, an exploration-stage silver miner with operations in Guanajuato, Mexico, announced terms for its IPO on Monday.
The San Miguel de Allende, Mexico-based company plans to raise $217 million by offering 17.8 million shares at a price range of $11.25 to $13.25. Cornerstone investor Franco-Nevada has indicated on $10 million worth of shares in the offering (4.6% of the deal). Fresnillo has agreed to purchase up to $110 million worth of shares in a concurrent private placement, conditioned on the IPO raising at least $199 million at price per share of at least $11.25. At the midpoint of the proposed range, Sinda would command a fully diluted market value of $2.1 billion.
Sinda is a silver exploration-stage company focused on the development of the Sinda Property in Guanajuato, Mexico. Backed by natural resources investment firm The Electrum Group, the company has not yet established a mine plan or commenced production. Operations to date have consisted primarily of exploration drilling and geological assessment of the property, which spans approximately 182 kilometers of identified mineralized strike length. The company has generated no revenue and has relied on funding from its sponsor to finance exploration activities.
Sinda was founded in 2012. It plans to list on the NYSE under the symbol SIND. Morgan Stanley, Scotia Capital, BMO Capital Markets, Canaccord Genuity, Citi, and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price the week of June 29, 2026.
