US-based private iron ore producer Ivanhoe Atlantic is preparing for an initial public offering (IPO) in Australia, aiming to secure up to A$300m ($190.8m), according to Mining Weekly.

The funds will be directed towards the development of the Kon Kweni project in Guinea, a “major” undeveloped iron-ore deposit in West Africa, previously known as Nimba.

The anticipated May listing could rank among the top floats on the Australian Stock Exchange (ASX) this year, with expectations to raise between A$200m and A$300m, said people familiar with the matter.

This follows a trend where four of Australia's top five IPOs in 2024 raised between A$303m and A$337m, with DigiCo Infrastructure REIT leading the pack with an A$2bn raise in December.

“We are working through a process to target an ASX listing in mid-2025 but are not able to confirm quantum or valuation at this stage,” a spokesperson from Ivanhoe Atlantic told Bloomberg, in response to emailed questions.

Ivanhoe Atlantic has chosen Australia for its strong mining investment community, which is knowledgeable in iron ore, the country's primary export.

The company's prospectus is currently in the final stages of preparation.

Ivanhoe Atlantic’s majority shareholder is I-Pulse, a US-based company chaired by mining billionaire Robert Friedland.

Friedland is a well-known figure in the mining industry, having gained recognition with the sale of Voisey's Bay in 1996 and further established his reputation with the Oyu Tolgoi deposit in Mongolia.

He acquired the rights to what is now the Kon Kweni project in 2019, following its long period of dormancy under a consortium including BHP Group.

BMO, Euroz Hartleys Group, and Aitken Mount Capital Partners are serving as joint lead managers for the offering, with legal advice from Thomson Greer.

In a related development, Rio Tinto Group is set to begin production at its Simandou iron ore project in Guinea, highlighting a key moment for iron ore mining in West Africa.