IDACORP dips after $500 mln stock offering

IDACORP

09/05/2025 12:37

**  Shares of electric power firm IDACORP IDA.N down 0.9% at $112.69 on light premarket volume after overnight follow-on priced

    ** Boise, Idaho-based utility announced ~4.5 mln shares at $111 for deal size of $500 mln

    ** Offering size increased from $450 mln, priced at 2.4% discount to last sale

    ** Co entered into 18-month forward sales agreements with jt lead bookrunners Morgan Stanley, JP Morgan and Wells Fargo

    ** Upon settlement of agreements, co to use net proceeds for general purposes, which may include capex

    ** The forward sale structure enables the utility to lock in current prices and delays issuing new shares and collecting proceeds until IDA needs the funding, thereby delaying shareholder dilution

    ** Co has 54 mln shares outstanding for ~$6.1 bln market cap

    ** Through Thurs, shares down 4% YTD. Stock hit intraday record high of $120.84 on Apr 3

    ** 5 of 8 analysts rate IDA "strong buy" or "buy", rest rate "hold" and median PT is $126.50, LSEG data show

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))