Shares of AquaVenture Holdings (WAAS - Free Report) opened at $21 after the “Water-as-a-Service” company priced its IPO at $18, the low end of its expected $18 - $20 per share range.
AquaVenture offered 6.5 million shares at its IPO price today, and it will also grant its underwriters a 30-day option to purchase up to 975,000 additional shares at the IPO price. Citigroup (C - Free Report) , Deutsche Bank (DB - Free Report) , and RBC Capital are acting as joint book-runners for the offering.
Despite its clever name, “Water-as-a-Service” has nothing to do with the popular SaaS cloud technology tools. AquaVenture and its WaaS solutions provide customers with reliable and cost-effective drinking and process water.
The company operates two subsidiaries: Quench and Seven Seas Water. Quench is a Point-of-Use provider that develops filtered water solutions for about 40,000 institutional customers. Seven Seas Water is a desalination and wastewater treatment company that develops about 7 billion gallons of drinkable water to a wide range of customers.
AquaVenture was not the only IPO on Thursday, and investors also seemed interested in the debut of Coupa Software (COUP - Free Report) , which soared over 100% in morning trading.
For more coverage on IPOs, check out the Zacks Friday Finish Line team’s exclusive interview with Kathleen Smith, co-founder of IPO-based research firm Renaissances Capital:
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