Shares in the company closed at A20c in line with its issue price on thin volume.

The company raised almost $2.4 million in its initial public offering, above the minimum of $2 million but short of the maximum of $6 million.

Tian Poh has 10 projects in Mongolia spanning 125,000ha.

The most advanced is the Huabei Kuangye coking coal deposit, which has a 30-year mining licence.

The initial focus will be to progress the project, which is adjacent to Gobi Coal and Energy’s Shinejinst coking coal mine.

The company also has projects prospective for copper and gold.

Tian Poh was formed by Singaporean entrepreneur Poh Kay Ping, which founded investment company Poh Group, who is also CEO of the company.

He is also the second-largest shareholder with around 31% of the company, behind largest shareholder, chairman Tian Guangru, who holds 38.4%.