IDACORP Prices Upsized Offering Of 4.5M Shares At $111 Each Via Forward Sale Agreements

(RTTNews) - IDACORP, Inc. (IDA) Friday announced that it has priced an upsized public offering of 4,504,505 shares of common stock at $111.00 per share.

The shares are expected to be borrowed by forward sellers—Morgan Stanley, J.P. Morgan, and Wells Fargo Securities and sold to underwriters through forward sale agreements. The company also granted underwriters a 30-day option to purchase up to 675,675 additional shares.

Morgan Stanley, J.P. Morgan, and Wells Fargo are acting as joint lead bookrunners, while BofA Securities, Mizuho, and MUFG serve as additional bookrunners. The offering is expected to close around May 12, 2025, subject to standard conditions.

IDACORP entered into forward sale agreements with Morgan Stanley, JPMorgan Chase, and Wells Fargo, agreeing to sell them the offered shares at the public offering price, adjusted as necessary. Settlement of these agreements is expected within 18 months, with IDACORP retaining the option for physical, cash, or net share settlement.

While IDACORP will not initially receive proceeds from the share sales, any future proceeds from physical settlement are intended for general corporate purposes, potentially including capital expenditures.

IDA is currently trading at $114.01, or 0.29% higher on the NYSE.