IDACORP dips after $500 mln stock offering

Shares of electric power firm IDACORP IDA.N down 0.9% at $112.69 on light premarket volume after overnight follow-on priced

Boise, Idaho-based utility announced ~4.5 mln shares at $111 for deal size of $500 mln

Offering size increased from $450 mln, priced at 2.4% discount to last sale

Co entered into 18-month forward sales agreements with jt lead bookrunners Morgan Stanley, JP Morgan and Wells Fargo

Upon settlement of agreements, co to use net proceeds for general purposes, which may include capex

The forward sale structure enables the utility to lock in current prices and delays issuing new shares and collecting proceeds until IDA needs the funding, thereby delaying shareholder dilution

Co has 54 mln shares outstanding for ~$6.1 bln market cap

Through Thurs, shares down 4% YTD. Stock hit intraday record high of $120.84 on Apr 3

5 of 8 analysts rate IDA "strong buy" or "buy", rest rate "hold" and median PT is $126.50, LSEG data show