Monitor IDACORP's quarterly disclosures for the number of shares sold under the ATM program. The forward sale structure delays dilution but creates overhang. Watch for any acceleration of sales or use of proceeds to repay debt, which could signal capital needs.
Price Chart
Executive Summary
IDACORP filed a prospectus supplement for an at-the-market (ATM) equity offering of up to $600 million of common stock, with a forward sale agreement component. Proceeds are earmarked for general corporate purposes, including capital expenditures and debt repayment. The filing represents a significant potential dilution event for existing shareholders, though the actual timing and amount of sales are uncertain.
Key Facts
- IDACORP may sell up to $600,000,000 of common stock in an ATM offering through multiple agents.
- The offering includes forward sale agreements where agents borrow and sell shares; IDACORP receives proceeds only upon physical settlement.
- Proceeds are for general corporate purposes, including capital expenditures and debt repayment.
- As of March 31, 2026, IDACORP had no borrowings outstanding under its $100M credit facility or Idaho Power's $400M facility.
- The last reported sale price on May 14, 2026 was $142.49 per share.
- Sales agents receive up to 1.000% commission on shares sold; forward counterparties receive a similar commission reflected in the forward sale price.
Financial Impact
Up to $600,000,000 in potential equity issuance, representing approximately 7.6% of market cap at $142.49/share. Actual dilution depends on timing and amount of shares sold.
Risk Factors
- Significant dilution to existing shareholders if the full $600M is issued.
- Forward sale agreements may be accelerated by counterparties, forcing unexpected share issuance.
- Proceeds used for general corporate purposes may not generate sufficient returns to offset dilution.
- Potential conflict of interest with sales agents who are also lenders under credit facilities.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001193125-26-227163 |
| Document: d129042dexfilingfees.htm | 0001193125-26-227163 |
| Document: 0001193125-26-227163-index-headers.html | 0001193125-26-227163 |
| Document: 0001193125-26-227163-index.html | 0001193125-26-227163 |
| Document: 0001193125-26-227163.txt | 0001193125-26-227163 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 30, 2026 12w ago | 8-K | $141.90 $140.68 | ▼ −0.86% | ▼ −3.32% | $140.21 (−1.19%) |
Jun 13, 2026 19w ago | Institutional Cluster | $142.94 $136.25 | ▼ −4.68% | ▼ −5.68% | $140.21 (−1.91%) |
May 15, 2026 23w ago | 424B5 | $140.71 $141.95 | ▼ −0.88% | ▲ +3.97% | $140.21 (+0.36%) |
Feb 23, 2026 35w ago | Insider Cluster | $142.59 $140.71 | ▼ −1.32% | ▼ −9.57% | $140.21 (−1.67%) |
US Market Status
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