Ivanhoe Electric Inc (AMEX:IE) opened up its shares for public trading for the first time since it filed for IPO in May 2022. The company agreed to initially offer 14.39 million shares to the public at a $11.75 per share. On its first day of trading, the stock fell 8.09% from its opening price of $11.75 to its closing price of $10.80.
Ivanhoe Electric Inc Performance On First Day of Trading
About Ivanhoe Electric Inc and It's IPO
Ivanhoe Electric is a United States domiciled minerals exploration and development company with a focus on developing mines from mineral deposits principally located in the United States in order to support American supply chain independence and to deliver the critical metals necessary for electrification of the economy.
For its IPO, IE agreed to offer 14.39 million shares at a price of $11.75 per share, with an insider lock-up period of 180 days, ending on December 25, 2022.
An insider lock-up period is a period of time after a company first goes public where major shareholders are not allowed to sell their shares. The insider lock-up period makes sure that the market does not get oversupplied with shares of the company.
Traders may short the stock leading up to the lockup-period expiration date in hopes that the price will fall due to an increase in supply of shares. Retail traders should be watching this stock's short interest as it moves closer to lockup expiration.
See also: Benzinga's Most Shorted Stocks
This article was generated by Benzinga's automated content engine and reviewed by an editor.
