Intrepid Potash IPO raises $960 million

Mon Apr 21, 2008 8:33pm EDT
 
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NEW YORK, April 21 (Reuters) - Intrepid Potash Inc, a producer of crop nutrients, on Monday raised $960 million with an initial public offering of shares that priced above expectations.

The 30 million-share offering sold for $32 per share, according to an underwriter. At $32, the IPO price was $3 above the top of the $27 to $29 forecast range. The offering had already been raised earlier from 24 million shares and an estimated price of $24 to $26 per share.

Underwriters, which include Goldman Sachs, Merrill Lynch, Morgan Stanley, RBC Capital Markets and BMO Capital markets, have the option to purchase an dditional 4.5 million shares from the company.

The company will trade on the New York Stock Exchange under the symbol "IPI" (IPI.N). (Reporting by Emily Chasan; Editing by Braden Reddall)

 

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