Lemur shares closed at 20.5c, just half a cent above the 20c issue price, on volume of just over 8.5 million shares.
The Perth-based company will use the IPO funds to advance its Imaloto thermal coal project in Madagascar.
The project has an inferred resource of 175 million tonnes but the company has targeted an initial measured resource of up to 700Mt.
Coal of Africa held a 41.7% interest in Lemur before the IPO and remains the largest shareholder with a 16.9% stake.
On Tuesday Lemur completed the acquisition of Madagascar-based contractor Pan African Drilling from Coal of Africa.
Former Coal of Africa finance director Blair Sergeant is Lemur’s managing director, while former Riversdale Mining deputy chairman Andrew Love chairs the company.
Mining investor and advisor Anthony Viljoen, lawyer Marcello Cardaci, Madagascan Professor Daniel Rasoamahenina and Azure Capital director Ryan Rookwood are all non-executive directors.
Azure was also lead manager to the IPO.