diff --git a/api/go.mod b/api/go.mod
index 7295c1196d..1b9f4785f1 100644
--- a/api/go.mod
+++ b/api/go.mod
@@ -3,7 +3,7 @@ module github.com/metal3-io/cluster-api-provider-metal3/api
 go 1.22
 
 require (
-	github.com/metal3-io/ip-address-manager/api v1.7.3
+	github.com/metal3-io/ip-address-manager/api v1.7.4
 	github.com/onsi/gomega v1.33.1
 	github.com/pkg/errors v0.9.1
 	golang.org/x/net v0.24.0
diff --git a/api/go.sum b/api/go.sum
index f2272afbea..f3aa360b72 100644
--- a/api/go.sum
+++ b/api/go.sum
@@ -67,8 +67,8 @@ github.com/mailru/easyjson v0.7.7 h1:UGYAvKxe3sBsEDzO8ZeWOSlIQfWFlxbzLZe7hwFURr0
 github.com/mailru/easyjson v0.7.7/go.mod h1:xzfreul335JAWq5oZzymOObrkdz5UnU4kGfJJLY9Nlc=
 github.com/matttproud/golang_protobuf_extensions/v2 v2.0.0 h1:jWpvCLoY8Z/e3VKvlsiIGKtc+UG6U5vzxaoagmhXfyg=
 github.com/matttproud/golang_protobuf_extensions/v2 v2.0.0/go.mod h1:QUyp042oQthUoa9bqDv0ER0wrtXnBruoNd7aNjkbP+k=
-github.com/metal3-io/ip-address-manager/api v1.7.3 h1:RzvwafurmlJm7zYxXG8EApi7ZJOGf38YFzEellUNWgQ=
-github.com/metal3-io/ip-address-manager/api v1.7.3/go.mod h1:Dv2QBcHQrQEuYJowGIW30ZvDGyco/20HmP9mYj5tZow=
+github.com/metal3-io/ip-address-manager/api v1.7.4 h1:SKfjySRsoj+S2BOy0y28AL+rUlnLtVH0xnOJ4Ejjibs=
+github.com/metal3-io/ip-address-manager/api v1.7.4/go.mod h1:Dv2QBcHQrQEuYJowGIW30ZvDGyco/20HmP9mYj5tZow=
 github.com/modern-go/concurrent v0.0.0-20180228061459-e0a39a4cb421/go.mod h1:6dJC0mAP4ikYIbvyc7fijjWJddQyLn8Ig3JB5CqoB9Q=
 github.com/modern-go/concurrent v0.0.0-20180306012644-bacd9c7ef1dd h1:TRLaZ9cD/w8PVh93nsPXa1VrQ6jlwL5oN8l14QlcNfg=
 github.com/modern-go/concurrent v0.0.0-20180306012644-bacd9c7ef1dd/go.mod h1:6dJC0mAP4ikYIbvyc7fijjWJddQyLn8Ig3JB5CqoB9Q=
diff --git a/config/ipam/image_patch.yaml b/config/ipam/image_patch.yaml
index 85e82363b0..abc3e5cbc1 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:v1.7.3
+      - image: quay.io/metal3-io/ip-address-manager:v1.7.4
         name: manager
diff --git a/config/ipam/kustomization.yaml b/config/ipam/kustomization.yaml
index d757678532..b98f848063 100644
--- a/config/ipam/kustomization.yaml
+++ b/config/ipam/kustomization.yaml
@@ -3,7 +3,7 @@ kind: Kustomization
 
 # When updating the release, update also the image tag in image_patch.yaml
 resources:
-- /~https://github.com/metal3-io/ip-address-manager/releases/download/v1.7.3/ipam-components.yaml
+- /~https://github.com/metal3-io/ip-address-manager/releases/download/v1.7.4/ipam-components.yaml
 
 patchesStrategicMerge:
     - image_patch.yaml
diff --git a/go.mod b/go.mod
index d6f94b51f3..ac876eaa77 100644
--- a/go.mod
+++ b/go.mod
@@ -5,9 +5,9 @@ go 1.22
 require (
 	github.com/go-logr/logr v1.4.2
 	github.com/golang/mock v1.6.0
-	github.com/metal3-io/baremetal-operator/apis v0.6.2
+	github.com/metal3-io/baremetal-operator/apis v0.6.3
 	github.com/metal3-io/cluster-api-provider-metal3/api v0.0.0
-	github.com/metal3-io/ip-address-manager/api v1.7.3
+	github.com/metal3-io/ip-address-manager/api v1.7.4
 	github.com/onsi/ginkgo/v2 v2.17.3
 	github.com/onsi/gomega v1.33.1
 	github.com/pkg/errors v0.9.1
@@ -63,7 +63,7 @@ require (
 	github.com/json-iterator/go v1.1.12 // indirect
 	github.com/mailru/easyjson v0.7.7 // indirect
 	github.com/matttproud/golang_protobuf_extensions/v2 v2.0.0 // indirect
-	github.com/metal3-io/baremetal-operator/pkg/hardwareutils v0.6.2 // indirect
+	github.com/metal3-io/baremetal-operator/pkg/hardwareutils v0.6.3 // indirect
 	github.com/modern-go/concurrent v0.0.0-20180306012644-bacd9c7ef1dd // indirect
 	github.com/modern-go/reflect2 v1.0.2 // indirect
 	github.com/munnerz/goautoneg v0.0.0-20191010083416-a7dc8b61c822 // indirect
diff --git a/go.sum b/go.sum
index b76ca96d73..0c3b682b80 100644
--- a/go.sum
+++ b/go.sum
@@ -131,12 +131,12 @@ github.com/mailru/easyjson v0.7.7 h1:UGYAvKxe3sBsEDzO8ZeWOSlIQfWFlxbzLZe7hwFURr0
 github.com/mailru/easyjson v0.7.7/go.mod h1:xzfreul335JAWq5oZzymOObrkdz5UnU4kGfJJLY9Nlc=
 github.com/matttproud/golang_protobuf_extensions/v2 v2.0.0 h1:jWpvCLoY8Z/e3VKvlsiIGKtc+UG6U5vzxaoagmhXfyg=
 github.com/matttproud/golang_protobuf_extensions/v2 v2.0.0/go.mod h1:QUyp042oQthUoa9bqDv0ER0wrtXnBruoNd7aNjkbP+k=
-github.com/metal3-io/baremetal-operator/apis v0.6.2 h1:/szSfHXW9+ocxy61J+54VIHsGeOFI9T9JHKdFfjR3jI=
-github.com/metal3-io/baremetal-operator/apis v0.6.2/go.mod h1:zj6oG+P54XKkrBc6FdZEpLoJi0MykYWIqp7r7FB0F3k=
-github.com/metal3-io/baremetal-operator/pkg/hardwareutils v0.6.2 h1:OubzMDH7R7wv+g4z53lN23c2azSCgmAUiUIzLyAjEy0=
-github.com/metal3-io/baremetal-operator/pkg/hardwareutils v0.6.2/go.mod h1:wdkQoDe+Kmien7xXRIUufMeX4FGGpciSLi05kcf+Ig4=
-github.com/metal3-io/ip-address-manager/api v1.7.3 h1:RzvwafurmlJm7zYxXG8EApi7ZJOGf38YFzEellUNWgQ=
-github.com/metal3-io/ip-address-manager/api v1.7.3/go.mod h1:Dv2QBcHQrQEuYJowGIW30ZvDGyco/20HmP9mYj5tZow=
+github.com/metal3-io/baremetal-operator/apis v0.6.3 h1:0HB0Nkz3PZFf1An9MxqyOfjgBztzihTSb4j3EPt8j88=
+github.com/metal3-io/baremetal-operator/apis v0.6.3/go.mod h1:G7ZbZqrASbIDpHXB2Zu3KaCNaRasnB/sOt6ewgDSrMA=
+github.com/metal3-io/baremetal-operator/pkg/hardwareutils v0.6.3 h1:KOKNNJer6qL7Tdz+RM3bkRli+yihMplcZASn6xkucVg=
+github.com/metal3-io/baremetal-operator/pkg/hardwareutils v0.6.3/go.mod h1:wdkQoDe+Kmien7xXRIUufMeX4FGGpciSLi05kcf+Ig4=
+github.com/metal3-io/ip-address-manager/api v1.7.4 h1:SKfjySRsoj+S2BOy0y28AL+rUlnLtVH0xnOJ4Ejjibs=
+github.com/metal3-io/ip-address-manager/api v1.7.4/go.mod h1:Dv2QBcHQrQEuYJowGIW30ZvDGyco/20HmP9mYj5tZow=
 github.com/mitchellh/copystructure v1.2.0 h1:vpKXTN4ewci03Vljg/q9QvCGUDttBOGBIa15WveJJGw=
 github.com/mitchellh/copystructure v1.2.0/go.mod h1:qLl+cE2AmVv+CoeAwDPye/v+N2HKCj9FbZEVFJRxO9s=
 github.com/mitchellh/reflectwalk v1.0.2 h1:G2LzWKi524PWgd3mLHV8Y5k7s6XUvT0Gef6zxSIeXaQ=
diff --git a/test/go.mod b/test/go.mod
index c0f784c216..702bb63c37 100644
--- a/test/go.mod
+++ b/test/go.mod
@@ -6,9 +6,9 @@ require (
 	github.com/blang/semver v3.5.1+incompatible
 	github.com/docker/docker v26.1.5+incompatible
 	github.com/jinzhu/copier v0.4.0
-	github.com/metal3-io/baremetal-operator/apis v0.6.2
+	github.com/metal3-io/baremetal-operator/apis v0.6.3
 	github.com/metal3-io/cluster-api-provider-metal3/api v0.0.0
-	github.com/metal3-io/ip-address-manager/api v1.7.3
+	github.com/metal3-io/ip-address-manager/api v1.7.4
 	github.com/onsi/ginkgo/v2 v2.17.3
 	github.com/onsi/gomega v1.33.1
 	github.com/pkg/errors v0.9.1
@@ -84,7 +84,7 @@ require (
 	github.com/mailru/easyjson v0.7.7 // indirect
 	github.com/mattn/go-isatty v0.0.20 // indirect
 	github.com/matttproud/golang_protobuf_extensions/v2 v2.0.0 // indirect
-	github.com/metal3-io/baremetal-operator/pkg/hardwareutils v0.6.2 // indirect
+	github.com/metal3-io/baremetal-operator/pkg/hardwareutils v0.6.3 // indirect
 	github.com/mitchellh/copystructure v1.2.0 // indirect
 	github.com/mitchellh/mapstructure v1.5.0 // indirect
 	github.com/mitchellh/reflectwalk v1.0.2 // indirect
diff --git a/test/go.sum b/test/go.sum
index e7ddad14e2..6f64efd69f 100644
--- a/test/go.sum
+++ b/test/go.sum
@@ -192,12 +192,12 @@ github.com/mattn/go-isatty v0.0.20 h1:xfD0iDuEKnDkl03q4limB+vH+GxLEtL/jb4xVJSWWE
 github.com/mattn/go-isatty v0.0.20/go.mod h1:W+V8PltTTMOvKvAeJH7IuucS94S2C6jfK/D7dTCTo3Y=
 github.com/matttproud/golang_protobuf_extensions/v2 v2.0.0 h1:jWpvCLoY8Z/e3VKvlsiIGKtc+UG6U5vzxaoagmhXfyg=
 github.com/matttproud/golang_protobuf_extensions/v2 v2.0.0/go.mod h1:QUyp042oQthUoa9bqDv0ER0wrtXnBruoNd7aNjkbP+k=
-github.com/metal3-io/baremetal-operator/apis v0.6.2 h1:/szSfHXW9+ocxy61J+54VIHsGeOFI9T9JHKdFfjR3jI=
-github.com/metal3-io/baremetal-operator/apis v0.6.2/go.mod h1:zj6oG+P54XKkrBc6FdZEpLoJi0MykYWIqp7r7FB0F3k=
-github.com/metal3-io/baremetal-operator/pkg/hardwareutils v0.6.2 h1:OubzMDH7R7wv+g4z53lN23c2azSCgmAUiUIzLyAjEy0=
-github.com/metal3-io/baremetal-operator/pkg/hardwareutils v0.6.2/go.mod h1:wdkQoDe+Kmien7xXRIUufMeX4FGGpciSLi05kcf+Ig4=
-github.com/metal3-io/ip-address-manager/api v1.7.3 h1:RzvwafurmlJm7zYxXG8EApi7ZJOGf38YFzEellUNWgQ=
-github.com/metal3-io/ip-address-manager/api v1.7.3/go.mod h1:Dv2QBcHQrQEuYJowGIW30ZvDGyco/20HmP9mYj5tZow=
+github.com/metal3-io/baremetal-operator/apis v0.6.3 h1:0HB0Nkz3PZFf1An9MxqyOfjgBztzihTSb4j3EPt8j88=
+github.com/metal3-io/baremetal-operator/apis v0.6.3/go.mod h1:G7ZbZqrASbIDpHXB2Zu3KaCNaRasnB/sOt6ewgDSrMA=
+github.com/metal3-io/baremetal-operator/pkg/hardwareutils v0.6.3 h1:KOKNNJer6qL7Tdz+RM3bkRli+yihMplcZASn6xkucVg=
+github.com/metal3-io/baremetal-operator/pkg/hardwareutils v0.6.3/go.mod h1:wdkQoDe+Kmien7xXRIUufMeX4FGGpciSLi05kcf+Ig4=
+github.com/metal3-io/ip-address-manager/api v1.7.4 h1:SKfjySRsoj+S2BOy0y28AL+rUlnLtVH0xnOJ4Ejjibs=
+github.com/metal3-io/ip-address-manager/api v1.7.4/go.mod h1:Dv2QBcHQrQEuYJowGIW30ZvDGyco/20HmP9mYj5tZow=
 github.com/mitchellh/copystructure v1.0.0/go.mod h1:SNtv71yrdKgLRyLFxmLdkAbkKEFWgYaq1OVrnRcwhnw=
 github.com/mitchellh/copystructure v1.2.0 h1:vpKXTN4ewci03Vljg/q9QvCGUDttBOGBIa15WveJJGw=
 github.com/mitchellh/copystructure v1.2.0/go.mod h1:qLl+cE2AmVv+CoeAwDPye/v+N2HKCj9FbZEVFJRxO9s=