The transaction, however, was still the biggest US IPO since May 12, when oilfield services company ProFrac Holding Corp. raised $328 million, including so-called greenshoe shares.
Only $4.9 billion has been raised on US exchanges this year, compared with almost $102 billion during the first six months of 2021, according to data compiled by Bloomberg.
Analysts had predicted a better market debut as Ivanhoe Electric is focused on critical minerals that are key to the global energy transition.
“We believe the United States is significantly underexplored and will yield major new discoveries of these metals,” Ivanhoe Electric said in a regulatory filing. “Our mineral projects focus on copper, gold, silver, nickel, cobalt, vanadium and the platinum group metals.”
Shares in the company, which spent $39 million on exploration last year and posted a $59 million loss, were trading last in New York (NYSEAMERICAN: IE) at $11.45 or…
