https://www.theglobeandmail.com/
Miner Robert Friedland is planning to kick-start a moribund IPO market this week with a US$180-million debut from Ivanhoe Electric Inc.
Mr. Friedland, a 71-year-old billionaire and Ivanhoe Electric’s chief executive, has developed mines around the world. He is now pitching the Vancouver-based company as a dependable, North American supplier of copper and other critical minerals for electric cars and related clean-energy technology.
In what would be the first North American initial public offering in more than four weeks – a period during which stock markets have declined sharply – Ivanhoe Electric is planning to sell 14.4 million shares at a price between US$11.75 and US$12.50 per share, according to a regulatory filing on Friday.
At the top end of the range, investors would value the company at US$1.15-billion. Ivanhoe Electric owns properties in Arizona and Utah, along with a battery storage business. The company spent US$39-million on exploration last year and posted a US$59-million loss.
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