Nuclear firm Westinghouse confidentially files for US IPO

By Arasu Kannagi Basil

July 31 (Reuters) - ‌Westinghouse Electric ​Company, one ​of the most storied names in the American power industry, has confidentially filed for a U.S. initial public offering, it said on ‌Friday, joining a wave of nuclear companies looking to tap ⁠capital markets.

Investor enthusiasm for nuclear firms has strengthened in the past year as Big Tech's rapid ‌data center buildout boosts U.S. ‌power demand.

The nuclear technology and services supplier, which is jointly owned by Cameco and Brookfield Renewable Partners, is one of the few remaining lines of ​the original business founded in 1886 by George Westinghouse, who commercialized alternating current.

"Westinghouse's investor appeal comes from offering exposure to nuclear growth through an established ⁠operating business and a well-known American industrial name," Lukas Muehlbauer, research associate at IPOX, said.

"The timing may ​be favorable because energy security concerns and rising electricity demand from data centers have improved sentiment towards nuclear power."

Westinghouse built the ​world's first commercial pressurized water reactor in ‌Shippingport, Pennsylvania, in 1957. More than half of the nuclear reactors in operation around the globe use its technology, according to ⁠the firm.

After several rounds of restructurings and changes in ownership over the last few decades, Cameco and Brookfield Renewable Partners bought Westinghouse Electric in a $7.9 billion deal in 2023.

The ⁠Cranberry Township, Pennsylvania-based company last month announced it is partnering with the U.S. Department of ​Energy to strengthen the U.S. commercial nuclear supply chain.

While blank-check deals had long been the main path to public markets for more speculative companies, issuers from sectors such as nuclear ‌and quantum have started pursuing traditional IPOs this year.

X-Energy and Standard Nuclear went public through traditional IPOs this year. Holtec ‌Nuclear also filed for a New York IPO earlier this month.

Confidential filings allow companies ⁠to keep their finances under ‌wraps until closer to the ​listing and prepare for IPOs away from public market scrutiny.

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Anil D'Silva and ‌Leroy Leo)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Anthropic wants to match or beat SpaceX’s record IPO size - report
• US appeals court throws out California, Giffords 'ghost guns' challenge
• At least 13 Tunisians missing after migrant boat sinks off Tunisia, group says