Energy Recovery, Inc. (NASDAQ: ERII) has priced its initial public offering of 14,000,000 shares of common stock at $8.50 per share, which was within the $7.00 to $9.00 range.
Of these shares, 8,078,566 are being sold by the company and 5,921,434 are being sold by selling stockholders. Net proceeds from the offering for working capital and other general corporate purposes.
Citigroup and Credit Suisse were joint book-runners, and HSBC Securities, Janney Montgomery Scott, and SEB Enskilda AS were listed as co-managers. The company has granted the underwriters a 30-day over-allotment option to purchase an additional 2,100,000 shares of common stock.
Jon C. Ogg
July 2, 2008
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