Echo Resources IPO closes early on back of strong demand

Australian exploration company Echo Resources Ltd has closed its initial public offer early due to strong demand.

Echo offered 24 million shares at 25 cents each to raise $6 million in the IPO, and hopes to list on the Australian Stock Exchange on May 9.

The IPO represented 55 per cent of the issued capital of the company, valuing it at about $11 million.

Echo will explore for gold, copper and nickel deposits in the Yandal Belt of Western Australia and in central Queensland.