Since May, Friedland has completed largest IPO in the United States

• Ivanhoe Electric priced the sale of 14.39 million shares at $11.75 per share on Monday night.
• Company’s New York &Toronto Stock Exchange-listed shares were down 1.7%, giving it a market capitalization of slightly over $1 billion.
• In North America, only $1,8 billion has been raised through fresh issuance during the past three months.

Robert Friedland, a mining mogul, has completed the largest initial public offering in the United States since May, generating $170 million from the sale of Ivanhoe Electric shares.

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Ivanhoe Electric priced the sale of 14.39 million shares at $11.75 per share, the bottom of the $11.75 —$12.50 suggested range, on Monday night, despite a regulatory delay and a steep decrease in metals prices.

In early trading on Tuesday, the company’s New York Stock Exchange and Toronto Stock Exchange-listed shares were down 1.7%, giving it a market capitalization of slightly over $1 billion.

Increasing inflation and interest rates have chilled the US IPO market, causing many companies to abandon their ambitions to go public.

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According to Refinitiv, Ivanhoe Electric, which holds the rights to significant copper deposits in Arizona and Utah, was one of just six North American corporations to conduct an IPO in the second quarter.

In May, eyecare company Bausch & Lomb raised the most capital, $630 million. In North America, only $1,8 billion has been raised through fresh issuance during the past three months.

Ivanhoe was scheduled to price its initial public offering (IPO) on Friday, but a delay in receiving final approval from the US Securities and Exchange Commission caused the process to be delayed until late Monday evening.