Sinda Ltd., a Mexico-based silver exploration and development company, priced its U.S. initial public offering at $12 per share on Thursday, selling 17.75 million shares to raise approximately $213 million. A concurrent private placement led by Fresnillo Plc, which agreed to buy up to $110 million in stock at the IPO price, lifts total proceeds to $323 million. Franco-Nevada Corp. also indicated interest in purchasing as much as $10 million worth of shares in the offering.
The stock is scheduled to begin trading on the New York Stock Exchange on June 26 under the ticker “SIND,” moving up from a previously expected pricing date of June 30. The accelerated timeline reflects a push to capitalize on a red-hot silver market and secure capital for project development.
The private placement is contingent on the IPO raising at least $199 million in gross proceeds and a minimum share price of $11.25. After the offering, natural resources investment firm Electrum Group is expected to hold 78% of shareholder voting power. Electrum’s track record offers a notable vote of confidence: its other silver venture, Sunshine Silver Mining & Refining Co., went public in the U.S. this June and surged 27% on its first trading day.
Sinda holds the rights to five contiguous mining concessions in Mexico’s Guanajuato state, northwest of Mexico City. The company estimates its project hosts 369 million silver-equivalent ounces of inferred mineral resources and 16 million ounces of indicated resources, giving it a large, district-scale asset base with potential development synergies.
The company plans to use the IPO proceeds for drilling, exploration, and project construction, targeting commercial production by 2031. The listing rides a powerful wave in silver, with spot prices up 84% over the past year, driven by safe-haven demand, Chinese buying, and expanding industrial use in data center cooling and solar panels. Sinda posted a net loss of $11.6 million for the first quarter of 2026, versus a loss of $2.6 million a year earlier, a widening that reflects increased exploration activity.
Morgan Stanley, Scotiabank, and BMO Capital Markets are joint lead bookrunners for the offering. The underwriting syndicate has a 30-day option to purchase up to an additional 2.66 million shares. The deal is expected to close on June 29.
