AquaVenture (WAAS) IPO Opens Up 17%

October 6, 2016 10:00 AM EDT

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Today's IPO for AquaVenture Holdings Limited (NYSE: WAAS) opened for trading at $21 after pricing its initial public offering of 6,500,000 ordinary shares at a public offering price of $18.00 per share, the low end of the expected $18 - $20 per share range.

Citigroup, Deutsche Bank Securities and RBC Capital Markets are acting as joint book-running managers for the offering. Canaccord Genuity, Raymond James and Scotiabank are acting as co-managers.

AquaVenture is a multinational provider of Water-as-a-Service (WAASTM) solutions that provide customers a reliable and cost-effective source of clean drinking and process water primarily under long-term contracts that minimize capital investment by the customer. AquaVenture is composed of two operating platforms: Quench, a U.S.-based provider of Point-of-Use, or POU, filtered water systems and related services to approximately 40,000 institutional and commercial customers; and Seven Seas Water, a multinational provider of desalination and wastewater treatment solutions, providing 7 billion gallons of potable, high purity industrial grade and ultra-pure water per year to governmental, municipal, industrial and hospitality customers.

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