The biggest resources initial public offering since South32 is set to debut on the Australian Securities Exchange on Wednesday when Jupiter Mines rejoins the boards four years after delisting.

It is understood that strong institutional interest in the refloat of the Brian Gilbertson-controlled company led to managers of the raising easily collecting US$186 ($240) million at US31¢ (40¢) a share, a result which should see Jupiter start trading with a market capitalisation of US$605 ($779) million.

Perth-headquartered Jupiter owns 49.9 per cent of the Tshipi manganese mine in South Africa. It is considered one of the world’s top manganese mines and is next to South32’s Mamatwan operation.

Tshipi produced 2.27Mt of manganese last year and generated US$270 ($347) million in revenue for net profit after tax of US$64 ($82) million.

The mine is expected to produce 3.3Mt this year and deliver net profit after tax of US$160 ($205) million.

The robust balance sheet, combined with a 60-year mine life, was a magnet for institutional investors.

No new shares were issued in the float, with existing shareholders selling down their respective stakes in the company into the refloat, representing 500 million shares or about 25 per cent of the company.

Jupiter delisted from the ASX in 2014 after major shareholder Pallinghurst, controlled by former BHP Billiton boss Mr Gilbertson, decided its share price did not reflect the true value of the company.

Picture: The West Australian.