Mining company Ivanhoe Electric to offer 14.4 million shares in planned IPO

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Mining company Ivanhoe Electric Inc. IE, set terms for its initial public offering on Friday with plans to offer 14.4 million shares priced at $11.75 to $12.50 each. The company is planning a dual listing on the New York Stock Exchange and Toronto Stock Exchange under the ticker “IE.” BMO Capital Markets and Jefferies are lead underwriters on the deal. The company was founded by billionaire Robert Friedland, who is also founder of Toronto-listed Ivanhoe Mines. “We are a United States domiciled minerals exploration and development company with a focus on developing mines from mineral deposits principally located in the United States in order to support American supply chain independence and to deliver the critical metals necessary for electrification of the economy,” the company says in its prospectus. The company would raise $180 million at the top of the price range at a valuation of $1.2 billion. The company had a net loss of $4.6 million in the three months through March 31, narrower than the loss of $15.4 million posted in the year- earlier period. Revenue fell to $1.6 million from $6.8 million a year ago. The deal comes at a time when the IPO market has seen few deals with the Renaissance IPO ETF IPO, +3.92% down 52% in the year to date, while the S&P 500 SPX, +0.22% has fallen 23%.

This article was originally published by Marketwatch.com. Read the original article here.

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