Ivanhoe Electric falls in debut after bottom-range IPO pricing

Ivanhoe Electric

28/06/2022 16:11

** Ivanhoe Electric Inc  IE.N  falls in debut after IPO
prices at bottom of expectations
    ** U.S.-listed shares open at $11.75 and last down 1.7% at
$11.55. Shares traded as low as $11.23 early on
    ** Co backed by veteran mining billionaire Robert Friedland
sold ~14.4 mln shares at $11.75, bottom of $11.75-$12.50
marketed range, raising $169 mln  urn:newsml:reuters.com:*:nGNX5dsCfk
    ** U.S.-based firm has two material mineral projects: Santa
Cruz Copper Project in Arizona and Tintic Copper-Gold Project in
Utah (See SEC filing https://www.sec.gov/Archives/edgar/data/1879016/000110465922074108/tm224101-20_s1a.htm#tPRST1)
    ** Australian miner BHP Group  BHP.AX , and asset managers
Fidelity and BlackRock  BLK.N  are among its largest investors
    ** Friedland is also executive co-chairman of South
Africa-focused copper producer Ivanhoe Mines  IVN.TO 
    ** BMO, Jefferies and JP Morgan acted as jt bookrunners for
the IPO

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))