Upcoming Direct Listing of Metals Royalty Company

Written by Emily J. Thompson, Senior Investment Analyst

Source: renaissancecapital

Updated: 4 days ago

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TMCR+9.57%

Should l Buy TMCR?

Source: renaissancecapital

Direct Listing Plans: The Metals Royalty Company (TMCR) is set to complete a direct listing on Nasdaq, with an estimated market cap of $292 million, indicating its potential in the critical metals and mineral royalty management sector.
Asset Overview: The company's sole asset is the NORI Royalty, which provides a 2.0% gross overriding royalty on a polymetallic nodule project currently under development, although it has yet to generate any royalty revenue, highlighting future income uncertainty.
IPO Market Dynamics: Several companies are expected to launch IPOs next week, including Madison Air (MAIR), which could raise $2 billion, reflecting ongoing market interest in new stock offerings that may boost overall market activity.
Research and Lock-Up Periods: Three companies are anticipated to release street research next week, and six lock-up periods will expire, potentially providing investors with more trading opportunities and further impacting market liquidity.

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Analyst Views on TMCR

Wall Street analysts forecast TMCR stock price to rise

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About TMCR

The Metals Royalty Company Inc. is a royalty company. The Company is engaged in the acquisition and management of critical metals and mineral royalties, streams and other similar interests. It is focused on providing capital to support mineral security and independence in North America in support of accelerating domestic industry growth, including energy, defense and re-industrialization. The Company's core and only asset is the NORI Royalty, a 2.0% gross overriding royalty on the NORI Property, which is a polymetallic nodule project being developed by the Company in the Clarion-Clipperton Zone of the north-east Pacific Ocean (the CCZ), located approximately 1,500 miles southwest of San Diego, California. In addition, it seeks to acquire and manage additional royalties, streams and other interests on metals and critical minerals projects.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.

The Metals Royalty Co. Successfully Lists on Nasdaq

14 hours agorenaissancecapital

IPO Performance: The Metals Royalty Co. (TMCR) completed its direct listing on Nasdaq with an opening price of $15, achieving a market cap of approximately $877 million and a first-day increase of 2%, indicating strong market confidence in its business model.
Core Asset: The company's sole core asset is the NORI Royalty, which provides a 2.0% gross overriding royalty on a polymetallic nodule project currently under development, highlighting significant future potential despite lacking commercial production permits.
Financing Activity: This week saw two SPACs successfully list, with ACP Holdings Acquisition (ACGCU) raising $200 million, reflecting ongoing investor interest in special purpose acquisition companies, even as the overall IPO market experiences volatility.
Future Outlook: Twelve IPOs submitted initial filings this week, including Encore (ECR), which is estimated to raise $500 million, and National Healthcare Properties (NHP), expected to raise $200 million, demonstrating strong demand for emerging companies and investor confidence in the market.

Metals Royalty Company Makes Strong Nasdaq Debut

2 days agostocktwits

Strong Listing Performance: Metals Royalty Company made a notable debut on Nasdaq with an opening price of $15, and by the time of writing, shares had risen over 15%, indicating strong investor interest.
Surge in Stock Price: According to Stocktwits data, TMCR's stock price soared 230% from the offering price of $5, reflecting optimistic expectations about its future growth potential among investors.
Advantages of Royalty Model: The company benefits from a royalty-based business model, acquiring and managing royalties and streams, which allows it to mitigate operational and environmental risks while enjoying long-term cash flows and rising commodity prices through its 2% gross overriding royalty.
Extremely Bullish Market Sentiment: Retail sentiment for TMCR on Stocktwits is described as 'extremely bullish,' with high message volumes, and some users predict the stock could climb to $25, showcasing strong confidence in its future performance.

Metals Royalty Company Begins Trading on Nasdaq

3 days agorenaissancecapital

Trading Launch: Metals Royalty Company officially commenced trading on Nasdaq on April 8, following the effectiveness of its registration statement, which is expected to attract investor interest.
Share Issuance Details: The company registered 55.1 million shares for sale by existing stockholders without plans to raise new capital, demonstrating a focus on existing shareholders.
Core Asset Overview: The company's core asset is the NORI Royalty, which provides a 2.0% gross overriding royalty on a polymetallic nodule project in the northeast Pacific that is not yet permitted for commercial production, indicating uncertainty regarding future revenue.
Financial Advisor Role: This listing is a direct listing without underwriters, with Stifel serving as the financial advisor, reflecting the company's unique strategy in the capital markets.

Upcoming IPOs and Direct Listings This Week

4 days agorenaissancecapital

Direct Listing Plans: The Metals Royalty Co. (TMCR) from Canada is set to complete its direct listing on Nasdaq with an expected market cap of $292 million, primarily holding the NORI royalty, which has yet to generate any revenue.
Funding Goals: Clinical-stage immuno-oncology biotech Salspera (TKVA) aims to raise $85 million at a market cap of $938 million, focusing on developing a new class of immunotherapeutics for solid tumors, with its lead program targeting pancreatic cancer.
Market Dynamics: One company is expected to release street research this week, alongside three lock-up periods expiring, which may impact market liquidity and investor confidence.
IPO Market Snapshot: As of March 19, 2026, the Renaissance IPO Index is down 4.6% year-to-date, compared to a 3.2% decline in the S&P 500, indicating a relatively weak performance of newly public companies.