After over a month with no major US IPOs, mineral exploration company Ivanhoe Electric (IE) is expected to break the dry spell in the week ahead.
Led by mining billionaire Robert Friedland, Ivanhoe Electric plans to raise $174 million at a $1.2 billion market cap in the short holiday week. Headquartered in Vancouver, the company is focused on developing mines from mineral deposits principally located in the US. Its mining projects are still in the exploration stage and are not expected to generate revenue for the foreseeable future. However, the company has generated revenue from ownership of an oil and gas-focused data processing firm and a battery developer.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Ivanhoe Electric (IE) Vancouver, Canada | $174M $1,166M | $11.75 - $12.50 14,388,000 | BMO Jefferies |
| Owns and develops US copper, gold, and other mineral and metal mining projects. | |||
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The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/16/2022, the Renaissance IPO Index was down 52.3% year-to-date, while the S&P 500 was down 22.5%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Uber Technologies (UBER) and CrowdStrike Holdings (CRWD). The Renaissance International IPO Index was down 33.1% year-to-date, while the ACWX was down 18.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Volvo Car Group and Kuaishou.
