Key takeaways:

• Amid heightened publicity surrounding the transition to renewables, critical minerals stocks are a major theme among IPOs for November

• Subdued gold prices haven't put a dampener on the appetite for precious metal listings

As many as eight IPOs are on the cards for November, with a distinctive trend favouring commodity explorers.

The pipeline starts with a $12 million IPO from Desoto Resources (ASX: DES), which is actively exploring for gold and lithium. Results from its initial sampling programs are due post listing. It has three fully-owned and granted tenements that make up the Fenix Lithium-Gold Project, located within the Pine Creek Pegmatite Field, where historic holes have intersected pegmatite and +800ppb Au soil samples. Desoto Board and management team have been responsible for numerous +1Moz deposits globally.Next, critical minerals explorer Lightning Minerals (ASX: L1M) is racing to the ASX with $7 million in fresh funds. It boasts four project areas in Western Australia, where its focus is on battery minerals like lithium, nickel, cobalt, copper, and platinum-group elements (PGE). Its principal focus is its Dundas licences, which are next to Liontown Resources' (ASX: LTR) Buldania Project. Management believes critical mineral demand could rise as much as six-times under a 2040 net-zero scenario.Established to explore for and discover greenfield uranium deposits in SA and NT, Orpheus Minerals (ASX: ORP) also taps into the renewables theme. The company has chosen these jurisdictions as they currently approve and operate uranium mines, have supportive regulatory systems, and are deemed prospective for economic uranium deposits. Orpheus is being spun out of Argonaut Resources (ASX: ARE), and will raise $6 million at $0.20 per share.Vanadium is considered a critical mineral that will play a supporting role in the clean-energy movement, and Richmond Vanadium Technology (ASX: RVT) is hoping to become a pioneer in this field. RVT owns the Richmond Vanadium Project, which is a 1.8Bt vanadium project in north Queensland with a completed Pre-Feasibility Study, which demonstrated a technically viable and financially attractive development prospect. The Richmond Vanadium Project is the first critical minerals project to be awarded Coordinated Project' status by the Queensland Government. Eyeing $35 million in funds, RVT will commence a Bankable Feasibility Study post listing. In November 2021, the Queensland Government announced it will contribute at least $10 million towards constructing a vanadium common-user facility (VCUF) to process vanadium for battery use. RVT is a panel member in this development, and it is aiming to produce over 12,700 tonnes per annum of battery grade vanadium pentoxide.Taiton Resources (ASX: T88) is an early-stage mineral explorer focussed on discovering large-scale mineral deposits within the Olympic Dam Mineralising Event. Its flagship project is the Highway Project in SA, but it also holds the Lake Barlee and Challenger West Projects in WA and SA respectively. A series of grassroots exploration activities and walk-up drilling targets are in place, however, the company also intends to pursue and assess other new business opportunities in the resources sector over time that may complement its business.There are also holdover IPOs from last month, which didn't list per their original schedule. This includes unmanned aerial vehicle developer Nightingale Intelligent Systems (ASX: NGL), forensic and analytical services provider Source Certain International (ASX: SC1), and Canadian-listed gold explorer Toubani Resources (ASX: TRE).

Upcoming ASX IPOs

CodeCompanyFocusIPO sizeExpected debut*SC1Source Certain InternationalForensic & analytical services$7MNov 2NGLNightingale Intelligent SystemsUnmanned Aerial Vehicles for commercial applications$10MNov 3DESDesoto ResourcesGold and lithium exploration$12MNov 15TREToubani ResourcesWest African gold exploration$32.5MNov 16L1MLightning MineralsBattery minerals exploration$7MNov 22ORPOrpheus Minerals Uranium deposit exploration$6MNov 29RVTRichmond Vanadium TechVanadium exploration$35MNov 30T88Taiton ResourcesEarly-stage gold explorer$10MTBC

*All dates are subject to change and should be treated as an indicative guide only

October ASX IPOs

With the exception of LGI (ASX: LGI), which has gained 40% this month, there was a fairly muted reception for the rest of the IPO field in October, with names like Bridge SaaS (ASX: BGE) coming unstuck amid weak sentiment for tech stocks over recent months.

Nonetheless, LGI cause has seemingly been helped by a federal budget that contains significant spending for renewables and climate change. LGI, which provides carbon abatement and renewable energy solutions with biogas from landfill, recorded its third-highest day of trading volume immediately after the budget, with its shares up more than 10% in that session alone.

CodeCompanyFocusOpening DayMonth#BGEBridge SaaSCRM and workflow solutions SaaS provider-10%-37.5%LGILGIBiogas recovery & conversion into renewable electricity+14%+40%OMAOmega Oil & GasGas exploration and oil production-5%-2.5%BUSBubalus Resources NT & WA rare earths explorer+10%+2.5%HCFH&G High ConvictionListed Investment Company+3.8%+4.8%CRDConrad Asia EnergyOil & gas exploration and productionN/AN/A

#Monthly results are for the period from listing until the close of trade, October 26, 2022