A company called Energy Recovery, Inc. is set to come public via an initial public offering this week. If pricing does not occur tonight or in the wee hours of Wednesday morning then the offering might have to sit and wait until next week. Assuming we actually get the pricing on a holiday shortened week, the last data we saw on this was a 14 million share IPO with a range of $7.00 to $9.00 per share.
While this sounds like an oil well play, the company is actually a desalination play that turns salt water into fresh water. The company is a developer and manufacturer of efficient energy recovery devices utilized in the rapidly growing water desalination industry. It operates primarily in the sea water reverse osmosis segment of the industry.
The deal is set to come from Citigroup and Credit Suisse and will trade under the "ERII" stock ticker on NASDAQ.
Jon C. Ogg
July 1, 2008
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