Denver-Newly-minted shares of Intrepid Potash Inc. (IPI) traded as high as $53.50 last week after the shares began trading April 22. The funny thing was that the shares were initially valued at $24-$26 by the company (GM April 14, p. 1), which was later changed to $27-$29, then finally to $32. What happened in the meantime? China agreed to pay Canpotex $400/mt more for potash this year than last year (GM April 21, p. 1). Intrepid sold 30 million shares, with underwriters able to snap up 4.5 million of additional shares at the initial public offering price.
Transparency Across the Fertilizer Value-Chain