IDACORP, Inc. Announces Public Offering Of $260M Of Shares Of Common Stock
Portfolio Pulse from Benzinga Newsdesk
IDACORP, Inc. (NYSE:IDA) has announced a public offering of $260 million of its common stock. The shares are expected to be borrowed by the forward counterparty from third parties and sold to the underwriters. IDACORP also plans to grant the underwriters an option to purchase up to $39 million of additional shares. Wells Fargo Securities, LLC and Morgan Stanley are acting as the representatives of the underwriters. IDACORP will enter into a forward sale agreement with Morgan Stanley, selling approximately $260 million of shares at an initial forward sale price per share equal to the price per share at which the underwriters purchase the shares.
November 07, 2023 | 10:41 pm
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IDACORP's public offering of $260M of its common stock could potentially dilute existing shareholders' equity, but could also provide the company with additional capital for corporate purposes.
Public offerings often lead to dilution of existing shareholders' equity, which can negatively impact the stock price. However, the additional capital raised can be used for corporate purposes, potentially leading to long-term growth.
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