- Fertilizer maker Intrepid Potash has boosted the size and expected price range of its proposed initial public offering, according to a Securities and Exchange Commission filing on Thursday.
- The Denver-based company now expects the offering to total 30 million shares and price between $27 and $29 apiece. Intrepid previously expected the offering to total 24 million shares and price between $24 and $26 per share.
- Based on the estimated price range, the company will have a market capitalization of $2.02 billion to $2.17 billion.
- Intrepid, which was formed in November 2007, plans to use proceeds from the offering to acquire all the assets, other than cash, of predecessor company Intrepid Mining LLC. Remaining proceeds will be used to repay debt and to fund production expenses and other growth opportunities.
- According to its prospectus, Intrepid is the country's largest producer of muriate of potash, or potassium chloride, a fertilizer that helps regulate plants' physiological functions and improves plant durability. The company owns five active potash production facilities in New Mexico and Utah.
- In 2007, the company reported earnings from continuing operations of $29.7 million, compared with $24.1 million in 2006. Total sales rose to $213.5 million from $152.7 million in the prior year.
- Goldman Sachs, Merrill Lynch and Morgan Stanley are serving as the IPO's lead underwriters. RBC Capital Markets and BMO Capital Markets are also underwriting the offering.
Price at $27-$29? The only thing I know about the company is what is stated above, but I say it opens at $60+. Voracious momentum traders will be all over this...
More info since I originally posted this can now be found here.