Underwriters for American Water Works (AWK) Exercise Over-Allotment Option
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American Water Works Company, Inc. (NYSE: AWK) announced that the underwriters of the company’s public offering have exercised their over-allotment option in part and purchased 5,173,300 additional shares of common stock. All of the shares in the public offering were offered by the selling stockholder, RWE Aqua Holdings GmbH, and proceeds from the offering went to RWE. At the completion of the offering, after giving effect to the exercise of the over-allotment option, RWE sold approximately 63.17 million shares.
On March 31, 2008, American Water Works filed an amended registration statement with the SEC for an initial public offering of its common stock. The Company offered 64,000,000 shares and expected the offering price to be between $24-$26 per share.
On April 23, 2008, the IPO for American Water began trading. The stock traded around $20.35 after pricing 58 million shares at $21.50, which was below its estimated $24-$26 range.
American Water Works Company, Inc. (American Water) is a water and wastewater utility company. The Company’s primary business involves the ownership of water and wastewater utilities that provide water and wastewater services to residential, commercial and industrial customers. [SM]
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