US-based exploration and development company Ivanhoe Electric has priced its initial public offering (IPO) at $11.75 a share, raising $169.1-million.
The company, led by mining magnate Robert Friedland, sold about 14.4-million shares at the bottom end of its previously guided IPO pricing range of $11.75 to $12.50 each.
The underwriters have an option to purchase an additional 2.16-million shares of common stock at the IPO price, potentially increasing proceeds by another $25.38-million.
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, mostly focused on copper and other metals needed for the clean energy transition.
The company said on Monday that it would use the net proceeds of the offering to fund certain payments 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, to construct and deploy additional sets of its Typhoon electrical pulse-powered geophysical surveying transmitter technology, as well as working capital and general and administrative costs.
BMO Capital Markets and Jefferies are acting as the lead bookrunners for the offering. JP Morgan is acting as a joint bookrunner for the offering. Raymond James, RBC Capital Markets and Scotiabank are acting as co-managers for the offering.