Intrepid Potash (IPI) IPO Surges Higher After Opening
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The IPO for Intrepid Potash (NYSE: IPI) is open for trading. The stock is trading at $45.88 after it priced its IPO of 30,000,000 shares at $32 per share, above the expected $27-$29 range, which was raised from $24-$26.
Goldman Sachs, Merrill Lynch, and Morgan Stanley are serving as joint-book running managers of the offering. RBC Capital Markets and BMO Capital Markets are co-managers of the offering.
Intrepid Mining LLC, the parent company of Intrepid Potash, is the largest producer of potash in the U.S. and is dedicated to the production and marketing of potash and langbeinite, another mineral containing potassium. Intrepid Mining owns five active potash production facilities -- three in New Mexico and two in Utah. [LJ]
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