Evoqua Water Technologies, which provides water treatment systems and services, announced terms for its IPO on Wednesday.
The Pittsburgh, PA-based company plans to raise $500 million by offering 27.8 million shares (70% insider) at a price range of $17 to $19. At the midpoint of the proposed range, Evoqua Water Technologies would command a fully diluted market value of $2.2 billion.
Evoqua Water Technologies was founded in 2013 and booked $1.2 billion in sales for the 12 months ended June 30, 2017. It plans to list on the NYSE under the symbol AQUA. Credit Suisse, J.P. Morgan and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of October 30, 2017.
