The stock started trading this morning under the code MKG, and around 1.2 million shares of 63.2 million on issue were traded.

The stock closed at 19.5c per share, half a cent below the IPO issue price of 20c.

Mako has two early stage projects in Burkina Faso and one in Cote d'Ivoire.

In Cote d'Ivoire, Mako signed a farm-in with Perseus Mining in September to earn 51% of the 299sq.km Napié permit by spending $1.5 million over three years and 75% by sole funding to completion of a feasibility study.

The project will be Mako's flagship and has previously returned hits including 4m at 8.49 grams per tonne gold and rock chips grading up to 59.4gpt.

The project has a combined strike length of 29km of soil anomalies.

The company is planning to drill Napié shortly, as well as the Tangora project in Burkina Faso.

Mako is led by Canadian husband and wife team Peter and Ann Ledwidge, who both worked for Orbis Gold and were involved in the discoveries of the Nabanga and Natougou deposits.

The IPO was backed by Resolute Mining, who contributed $2 million to give it a 15.8% stake.

The Ledwidges are the second-largest shareholder with 11.9%.

Peter Ledwidge is managing director with Ann Ledwidge as general manager, exploration.

Geologist Mark Elliott is chairman and lawyer Michele Muscillo is a non-executive director.

Peter Ledwidge said the company was thrilled to close its IPO oversubscribed and list on the ASX.

"The strong support from our shareholders is appreciated and we are eager to reward their enthusiasm," he said.

"We can now focus 100% of our attention on the planned exploration programs, particularly the upcoming maiden drilling programs, in the hope of delivering positive news flow to our shareholders in the near future."

Wise-owl said Mako offered speculative exposure to the West African gold sector.

"We are attracted to the magnitude of its land package, management team and capital structure," analyst Simon Herrmann said.

"Reliance on external capital as well as exploration and geopolitical risks are principal hurdles.

"Listing at a pre-money valuation of less than $7 million, Mako's market value is undemanding and the strategic cornerstone investment of Resolute Mining is a validation of the company's leadership team.

"Investors require a long-term speculative appetite, but the IPO is well structured and the balance of risk appears favourable."