Energy Recovery (ERII) Prices IPO at $8.50/Share
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Energy Recovery, Inc. (NASDAQ: ERII) today announced the pricing of its initial public offering of 14, million shares of its common stock at $8.50 per share. Of these shares, 8,078,566 are being sold by ERI and 5,921,434 are being sold by selling stockholders. In addition, ERI has granted the underwriters a 30-day option to purchase an additional 2.1 million shares of common stock.
Energy Recovery intends to use the net proceeds from the offering for working capital and other general corporate purposes, including to finance its growth, develop new products and fund capital expenditures.
The IPO price is in-line with its previously announced plans for the IPO.
Energy Recovery is a leading global developer and manufacturer of highly efficient energy recovery devices utilized in the rapidly growing water desalination industry. It operates primarily in the sea water reverse osmosis, or SWRO, segment of the industry.
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