Intrepid Potash shares soar 52% after NYSE IPO
22 April 2008 17:50 [Source: ICIS news]
HOUSTON (ICIS news)--Shares in newly listed Intrepid Potash soared by 52% on Tuesday as an initial public offering (IPO) of shares in the
The IPO was priced earlier on Tuesday at $32.00/share (€20.16/share), for a total of $960m. In midday trading on the
Privately held US firm Intrepid Mining announced the IPO in December 2007. Following the IPO, Intrepid Potash will pay its parent $757m in cash plus 40.3m new shares in exchange for all of Intrepid Mining's non-cash assets.
The assets acquired include three active potash production facilities in
Despite shaky conditions across the rest of the stock market, Intrepid's timing has been excellent, as agricultural stocks have soared alongside prices for ammonia, urea, potash, sulphur and other fertilizers.
($1 = €0.63)
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By: Stephen Burns
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