Global Water Resources, a Phoenix, Ariz., based firm that provides water, wastewater and recycled water utility services, has filed for an IPO on the NASDAQ, hoping to raise up to $50 million. Its shares will be listed under the ticker symbol “GWRI”; the lead manager for the offering is Janney Montgomery Scott.
The company owns 16 wastewater utilities in Arizona and serves over 38,000 customers. Proceeds from the public offering will be used for capital expenditures, to repay outstanding debts and to finance future potential acquisitions. Chairman William Levine, who holds a 42% stake in the company, will be the largest shareholder.
The climate for cleantech IPOs has been rough of late, with only a few startups — Real Goods Solar (NASDAQ: RSOL) and Noble Environmental Power (NASDAQ: NEPI) — taking the plunge. The picture has been equally bleak for water firms: To date, only Voorhees, N.J., American Water Works (NYSE: AWK) and San Leandro, Calif., Energy Recovery have made the leap, and American Water Works took in a lower-than-expected $1.25 billion. It had originally planned to offer 64 million shares for $24 - $26 but, amid dampening investor sentiment, was only able to sell 58 million at $21.50 a share.
Global Water Resources hasn’t yet divulged the number of shares it plans on selling in its offering or a potential price range.
[Source: Global Water Resources press release]
