diff --git a/api/go.mod b/api/go.mod
index 0ae5a6c075..64ce791fbb 100644
--- a/api/go.mod
+++ b/api/go.mod
@@ -4,7 +4,7 @@ go 1.17
 
 require (
 	github.com/google/gofuzz v1.2.0
-	github.com/metal3-io/ip-address-manager/api v0.0.0-20220617070006-b1bd226927ae
+	github.com/metal3-io/ip-address-manager/api v1.1.5
 	github.com/onsi/gomega v1.17.0
 	github.com/pkg/errors v0.9.1
 	golang.org/x/net v0.8.0
diff --git a/api/go.sum b/api/go.sum
index bf114eda63..6b509f5786 100644
--- a/api/go.sum
+++ b/api/go.sum
@@ -406,8 +406,8 @@ github.com/mattn/go-runewidth v0.0.13/go.mod h1:Jdepj2loyihRzMpdS35Xk/zdY8IAYHsh
 github.com/matttproud/golang_protobuf_extensions v1.0.1/go.mod h1:D8He9yQNgCq6Z5Ld7szi9bcBfOoFv/3dc6xSMkL2PC0=
 github.com/matttproud/golang_protobuf_extensions v1.0.2-0.20181231171920-c182affec369 h1:I0XW9+e1XWDxdcEniV4rQAIOPUGDq67JSCiRCgGCZLI=
 github.com/matttproud/golang_protobuf_extensions v1.0.2-0.20181231171920-c182affec369/go.mod h1:BSXmuO+STAnVfrANrmjBb36TMTDstsz7MSK+HVaYKv4=
-github.com/metal3-io/ip-address-manager/api v0.0.0-20220617070006-b1bd226927ae h1:aSwVQLVhLm6gEA6p8dTJksHUZAV8pvF7j2vKr2VJYsU=
-github.com/metal3-io/ip-address-manager/api v0.0.0-20220617070006-b1bd226927ae/go.mod h1:IgZuGEbWca+Jh3QwdkhAM5ZEKuN+c55xOTwxwwaUSUM=
+github.com/metal3-io/ip-address-manager/api v1.1.5 h1:LF8kwlXvncuur0W5KebrDDApOnWMejZLTNvAHMilKsA=
+github.com/metal3-io/ip-address-manager/api v1.1.5/go.mod h1:HWFM/kHyQUHk1Zqn9DjSlQuqYkF/Mq39cxaXkjTMBUs=
 github.com/miekg/dns v1.0.14/go.mod h1:W1PPwlIAgtquWBMBEV9nkV9Cazfe8ScdGz/Lj7v3Nrg=
 github.com/miekg/dns v1.1.26/go.mod h1:bPDLeHnStXmXAq1m/Ch/hvfNHr14JKNPMBo3VZKjuso=
 github.com/mitchellh/cli v1.0.0/go.mod h1:hNIlj7HEI86fIcpObd7a0FcrxTWetlwJDGcceTlRvqc=
diff --git a/config/ipam/image_patch.yaml b/config/ipam/image_patch.yaml
index 3830443dae..f3b56dd465 100644
--- a/config/ipam/image_patch.yaml
+++ b/config/ipam/image_patch.yaml
@@ -8,5 +8,5 @@ spec:
     spec:
       containers:
       # Change the value of image field below to your controller image URL
-      - image: quay.io/metal3-io/ip-address-manager:v1.1.4
+      - image: quay.io/metal3-io/ip-address-manager:v1.1.5
         name: manager
\ No newline at end of file
diff --git a/go.mod b/go.mod
index 7a7187171a..099367ea40 100644
--- a/go.mod
+++ b/go.mod
@@ -9,7 +9,7 @@ require (
 	github.com/jinzhu/copier v0.3.2
 	github.com/metal3-io/baremetal-operator/apis v0.1.1
 	github.com/metal3-io/cluster-api-provider-metal3/api v0.0.0
-	github.com/metal3-io/ip-address-manager/api v0.0.0-20220919134804-85c769255248
+	github.com/metal3-io/ip-address-manager/api v1.1.5
 	github.com/onsi/ginkgo v1.16.5
 	github.com/onsi/gomega v1.19.0
 	github.com/pkg/errors v0.9.1
diff --git a/go.sum b/go.sum
index ca07811174..e9e00b063e 100644
--- a/go.sum
+++ b/go.sum
@@ -466,9 +466,8 @@ github.com/metal3-io/baremetal-operator/apis v0.1.1/go.mod h1:Hl8ovjvS/ilUPB62g0
 github.com/metal3-io/baremetal-operator/pkg/hardwareutils v0.1.0/go.mod h1:/PSTQInIZmfuOmAp/pSgZAs4txs6T49woC0MYIa4QzE=
 github.com/metal3-io/baremetal-operator/pkg/hardwareutils v0.1.1 h1:dt2lc//fo1KQg8FMMTTI5TxB4FAonZftK53j7IQl130=
 github.com/metal3-io/baremetal-operator/pkg/hardwareutils v0.1.1/go.mod h1:/PSTQInIZmfuOmAp/pSgZAs4txs6T49woC0MYIa4QzE=
-github.com/metal3-io/ip-address-manager/api v0.0.0-20220617070006-b1bd226927ae/go.mod h1:IgZuGEbWca+Jh3QwdkhAM5ZEKuN+c55xOTwxwwaUSUM=
-github.com/metal3-io/ip-address-manager/api v0.0.0-20220919134804-85c769255248 h1:zBRpewxm3ypEY6T4+OCFpAg9DCVRD23Nxn53p1XjecI=
-github.com/metal3-io/ip-address-manager/api v0.0.0-20220919134804-85c769255248/go.mod h1:IgZuGEbWca+Jh3QwdkhAM5ZEKuN+c55xOTwxwwaUSUM=
+github.com/metal3-io/ip-address-manager/api v1.1.5 h1:LF8kwlXvncuur0W5KebrDDApOnWMejZLTNvAHMilKsA=
+github.com/metal3-io/ip-address-manager/api v1.1.5/go.mod h1:HWFM/kHyQUHk1Zqn9DjSlQuqYkF/Mq39cxaXkjTMBUs=
 github.com/miekg/dns v1.0.14/go.mod h1:W1PPwlIAgtquWBMBEV9nkV9Cazfe8ScdGz/Lj7v3Nrg=
 github.com/miekg/dns v1.1.26/go.mod h1:bPDLeHnStXmXAq1m/Ch/hvfNHr14JKNPMBo3VZKjuso=
 github.com/mitchellh/cli v1.0.0/go.mod h1:hNIlj7HEI86fIcpObd7a0FcrxTWetlwJDGcceTlRvqc=