Malagasy Minerals debuts at 25% premium

West Perth-based Malagasy Minerals Ltd has defied today's market downturn to debut on the bourse at a 25 per cent premium to its issue price.

Shares in the company opened at 25 cents before rallying to close at a high of 27c, giving the company a market capitalisation of just under $20 million.

The debut follows a heavily oversubscribed initial public offer that raised $10 million with shares priced at 20c apiece.

The company is set to start drilling at its flagship coal and base metals projects in Madagascar by the end of the month.

Heading the company is chairman Max Cozijn, Steven Goertz takes the role of managing director while Guy LeClezio and Peter Woods serve as non-executive directors.