Intrepid Potash, Inc. is getting closer to its upcoming IPO. The company set the terms in its amended IPO filing this morning. The filing shows an offering of some 24 million shares at a maximum proposed share price of $26.00, totaling $717 million maximum aggregate proceeds. The actual price range for shares is listed as $24.00 to $26.00 for the IPO and the company has applied to trade on the New York Stock Exchange under the ticker "IPI."
The underwriting group is listed as Goldman, Sachs & Co., Merrill Lynch & Co., and Morgan Stanley. Co-managers are listed as RBC Capital Markets and BMO Capital Markets.
We previously discussed Intrepid’s business and market position from an earlier filing. Given the gains seen currently and the strong guidance in anything tied to the fertilizer or potash industry, this IPO is one we’d expect to be oversubscribed.
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Jon C. Ogg
April 7, 2008