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Intrepid Potash sees IPO of 24 mln shares at $24-$26 each
Mon Apr 7, 2008 9:15am EDT

April 7 (Reuters) - Intrepid Potash Inc, a producer of minerals containing potassium, registered its initial public offering of 24 million shares at an estimated price of $24 to $26 per share.

In an amended filing with the U.S. Securities and Exchange Commission, the company said it expects net proceeds of about $559.8 million, considering the midpoint of the estimated IPO price range.

The company, which is a unit of Intrepid Mining LLC, intends to use about $419.8 million of the net proceeds to purchase additional shares to pay a dividend to the current members of Intrepid Mining.

The remainder of the proceeds would be used to repay debts and expand production.

The Denver, Colorado-based company applied for a listing on the New York Stock Exchange under the symbol "IPI."

Intrepid Potash said Goldman Sachs, Merrill Lynch, Morgan Stanley, RBC Capital Markets and BMO Capital Markets were underwriting the IPO.

The underwriters have the option to purchase up to an additional 3.6 million shares from the company.

The initial market capitalization of Intrepid Potash would be $1.87 billion, assuming 74.85 million shares outstanding after the IPO and the midpoint of the estimated price range. (Reporting by Esha Dey in Bangalore; Editing by Amitha Rajan; Anil D'Silva)