Evoqua IPO proceeds will be used to pay down debt
Evoqua shares raised $500m on its Initial Public Offering (IPO) on the New York Stock Exchange on 2 November.
The shares, priced at $18, rose to high of $20.8 on the first day of trading, and are hovering at around $20.3 six days later.
The company sold 8.3 million shares, raising $149.4 million, which will be used to pay down debt. Other stockholders sold 19.4 million shares, raising $349.2 million.
Evoqua has grown quickly through acquisition since it was formed by the €640 million buyout of Siemens Water Technologies in 2014. The company acquired filtration specialists Neptune Benson for $284m in 2016, and has completed a raft of smaller deals.
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