Intrepid Potash Inc., the largest U.S. producer of the potassium compound used in fertilizer, priced an initial public offering of 30 million shares at $32 apiece, according to a person familiar with the situation.
The company will use the $960 million to fund its operations, pay for an acquisition and retire debt, according to a government filing. Goldman Sachs Group Inc., Merrill Lynch & Co. and Morgan Stanley led the offering, which was increased last week from 24 million shares.
Intrepid Potash, based in Denver, estimated in earlier filings that the shares would be sold for as little as $24 apiece and as much as $29. There are an additional 4.5 million shares to cover any over-allotments.
``This does look like it's got a sparkling start,'' said David Menlow, president of Millburn, New Jersey-based IPOFinancial.com. ``These stocks have really shown the demand for the fertilizer market. We have capacity constraints in the world and demand that just seems to be overflowing.''>>>MORE
Our earlier links for Intrepid:
Intrepid Potash Touted Pre-IPO By Jim Cramer (IPI, POT, MOS)
