Ivanhoe Electric drops after boosted $150 mln stock offering

Ivanhoe Electric

22/10/2025 13:37

** Shares of metals miner Ivanhoe Electric IE.N down 6.1% premarket at $14.80 after above-target equity raise

** Tempe, Arizona-based IE late Tues announced pricing 10 mln shares at $15 for $150 mln gross proceeds

** Offering size boosted from $125 mln, and priced at 4.8% discount to stock's last close

** It plans to use net offering proceeds to completely repay the purchase of land at its Santa Cruz Copper Project in Arizona, to fund early development activities at that project, and fund exploration activities at current projects and joint ventures

** BMO is lead bookrunner, joined by JP Morgan and National Bank of Canada Capital Markets

** IE has ~133.2 mln shares outstanding

** Through Tues close, shares rose about 66% over the past month. Stock hit intraday record high of $17.90 last Weds

** IE went public in Jun 2022 IPO at $11.75/sh

** All 4 analysts covering IE are bullish and median PT is $17.50, per LSEG

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

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