Shares of IMC Rare Earths Ltd. surged 6.20% intraday on Wednesday as the company began trading on the NYSE American under the ticker symbol “IMC,” following its initial public offering. The Brazil-focused rare earth exploration company priced its IPO of 4 million ordinary shares at $5.00 per share, raising $20 million in gross proceeds before underwriting discounts and expenses.

The offering was conducted on a firm commitment basis, with Roberts & Ryan, Inc. acting as the representative of the underwriters and Revere Securities LLC as co-underwriter. The underwriters have a 45-day option to purchase up to an additional 600,000 shares to cover over-allotments. IMC Rare Earths’ principal asset is the Itarantim Project, an ionic adsorption clay rare earth deposit in Bahia and Minas Gerais, Brazil.

The first-day trading pop reflects investor appetite for exposure to critical minerals used in magnets and clean energy technologies. The IPO comes as the rare earth sector continues to draw attention amid global supply chain diversification efforts and rising demand for electric vehicles and wind turbines.