NEW YORK (AP) -- Shares of fertilizer maker Intrepid Potash Inc. spiked more than 50 percent on Tuesday in the first successful initial public offering since Visa Inc.'s blockbuster deal last month.
Intrepid's IPO of 30 million shares priced at $32 per share, well above the expected range of $27 to $29 per share.
IPI closed at $50.40 on the first day of IPO.
According to its prospectus with the Securities and Exchange Commission, Intrepid is the country's largest producer of
muriate of potash, or potassium chloride, a fertilizer that helps regulate plants' physiological functions and improves plant durability.
Demand for potash has been driven by rising food consumption worldwide and rising demand for ethanol, which is made from corn. Some in the industry think potash prices may hit $1,000 per metric ton by the end of this year, according to a recent report from RBC Capital Markets.
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