Ivanhoe Electric, which owns and develops US copper, gold, and other mineral and metal mining projects, raised $169 million by offering 14.4 million shares at $11.75, the low end of the range of $11.75 to $12.50. Ivanhoe is the first US IPO to raise at least $100 million since mid-May.
Headquartered in Vancouver, Canada, Ivanhoe Electric is a US-focused exploration-stage mining company led by mining billionaire Robert Friedland, the founder and Executive Co-Chairman of Ivanhoe Mines (TSX: IVN). Ivanhoe Electric believes its projects can support American supply chain independence and deliver the metals necessary for electrification of the economy.
Ivanhoe Electric plans to dual list on the NYSE American and Toronto Stock Exchange under the symbol IE. BMO Capital Markets, Jefferies, and J.P. Morgan acted as joint bookrunners on the deal.
