The Globe and Mail reports in its Wednesday, June 29, edition that Ivanhoe Electric priced its initial public offering at $11.75 (U.S.) a share and raised $169.1-million (U.S.). The Globe's Niall McGee writes that just over a week ago, Ivanhoe Electric had targeted selling its shares as high as $12.50 (U.S.) apiece. Ivanhoe Electric intends to use part of the proceeds to finance exploration at its Santa Cruz copper development project in Arizona and its Tintic copper and gold property in Utah. Over the past few weeks, global stock markets have corrected into bear market territory, as fears grow that a global recession is imminent with central banks spiking rates in an attempt to rein in runaway inflation. Ivanhoe Electric came under pressure right away on trading on the New York Stock Exchange on Tuesday, falling 89 U.S. cents on its debut to close at $10.80 (U.S.). Still, the IPO was the biggest in the United States since May and showcases once again the ability of Robert Friedland to raise money no matter how the market is performing. The Globe says Mr. Friedland is one of Canada's best known financiers of early-stage mining companies and has been doing so for decades.