Mineral exploration company Ivanhoe Electric ( NYSE: IE ) saw its stock slide 16% on Wednesday, the day after it held a $169M initial public offering priced at the lower end of a previously disclosed range.
Shares of Ivanhoe opened at $10.38, hitting a session high of $10.69 in early trading before sliding to a low of $8.36 in early afternoon. The stock recently changed hands at $9.11, down 16%, at approximately 2:00 p.m.
Ivanhoe, which has operations in the US and Canada, raised around $169M on Tuesday after offering 14.4M shares for $11.75 per share. The company debuted shares on both the NYSE and Toronto exchanges under the symbol IE.
The deal was priced at the lower end of a previously proposed price range. The shares ended their first day of trading 23% below their IPO price, closing at $10.80.
The mineral exploration company is currently operating in the red . For 2021, it reported a net loss of $59.3M on revenue of $4.7M.
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Newly public Ivanhoe sees stock slide 16% on second day of trading