Holtec is gearing up for a multi-billion-dollar valuation, announcing the launch of the roadshow for its initial public offering (IPO) in an amended Securities and Exchange Commission (SEC) filing Tuesday.
After initially filing registration for an IPO in July, Holtec said in its press release it plans to offer 50 million shares at prices that range between $15 and $18 per share. Multiple news outlets reported that at the top of that IPO range, Holtec could potentially raise $900 million prior to expenses, which would put the company on track for a $10.2 billion valuation.
Holtec also plans “to grant underwriters a 30-day option to purchase up to an additional 7,500,000 shares of Class A common stock,” according to its release. The company’s Class A common stock on the NASDAQ Global Select Stock Market and NASDAQ Texas will be under the ticker symbol “HNUC”.
According to the release, J.P. Morgan, Guggenheim Securities, Citigroup, BofA Securities and Goldman Sachs & Co. will act as joint lead book-running managers for Holtec’s proposed offering. BMO Capital Markets, Cantor, Oppenheimer & Co. and Morgan Stanley will serve as joint book-running managers for the proposed offering, Holtec said.
The Jupiter, Fla.-based company has expanded its services in the nuclear industry over the past several years. Holtec has been a prominent company in the decommissioning sector of the industry, leading decommissioning projects at multiple nuclear power plants including Oyster Creek in New Jersey, Indian Point in New York and Pilgrim in Massachusetts.
Holtec also managed the decommissioning of the Palisades nuclear plant, prior to a change in priorities at the plant from decommissioning to recommissioning. Palisades recently began to load fuel at the plant and is on track to become the first U.S. nuclear plant to restart operations.
Beyond decommissioning and restarting a nuclear plant, the company has also taken an interest in the advanced nuclear sector, working to deploy small modular reactors (SMRs) at the Palisades plant and Emery County, Utah. Holtec is developing a pressurized water SMR, named SMR-300, that is designed to produce 340 megawatts.