The Australian Securities and Investments Commission (ASIC) has put directors, lead managers and corporate advisers of mining and exploration companies on notice of concerns regarding the multi-faceted role that lead managers and other promoters may play in the IPO process.
The mining and exploration industry represents over 25% of all ASX-listed entities. It accounted for more than 35% of all initial public offers (IPOs) during 2018 and, as at 1 August 2019, had a combined market capitalisation of over A$300 billion.
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