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05/16/2008 06:13 AM

Global Water Resource Announces IPO

SustainableBusiness.com News

Global Water Resource, a Phoenix, Arizona-based water and wastewater utility plans to offer up to $50 million in common stock in an initial public offering.

Global Water Source owns and operates 16 utilities in Arizona, serving more than 38,000 customers.

The IPO is being handled by Janney Montgomery, and the company said it will use the funds raised to pay for capital expenditures, to repay outstanding debt and to finance future acquisitions.

The number and price of shares has yet to be released. Company chairman William Levin is currently the largest stakeholder at 42%. 

The company plans to list its shares on the Nasdaq under the symbol "GWRI." 

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