Oil and gas producer Linc Energy is seeking a mainboard listing on the Singapore Exchange (SGX).
It launched its initial public offering on Wednesday with the stock priced at $1.20 per share.
Linc Energy expects to raise net proceeds of about $47.9 million through the sale of 47.85 million shares.
Investors, including institutions, have been allocated 47.35 million shares with 500,000 shares available to the public.
Linc Energy has invested around A$210 million in developing its UCG technology in the past nine years. Its gross profit was A$65 million for its 2013 financial year.