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Benzinga
Benzinga
Business
Vandana Singh

US-Based Exploration & Development Company Ivanhoe Electric Prices Big US IPO

United States IPO Robert Friedland NYSE American TSX copper Mining
  • Ivanhoe Electric Inc has priced its initial public offering at $11.75 a share, raising $169.1 million.
  • The company’s mining billionaire Robert Friedland sold about 14.4-million shares at the bottom of its previously guided IPO price range of $11.75 to $12.50.
  • The underwriters have an option to purchase an additional 2.16-million shares.
  • According to Bloomberg, Ivanhoe Electric IPO is still the biggest U.S. IPO since May.
  • The shares are expected to begin trading on the NYSE American and the TSX on Tuesday under the ticker symbol ‘IE.’
  • Ivanhoe Electric has a portfolio of mineral projects, primarily focused on copper and other metals needed for the clean energy transition.
  • The company said it would use the net proceeds to acquire or maintain its mineral and property rights to its material and key mineral properties, to further its metals exploration activities at its mineral properties, and to construct and deploy additional sets of its Typhoon electrical pulse-powered geophysical surveying transmitter technology.
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