Holtec Nuclear Targets $10.2B Valuation in Nasdaq IPO

Holtec Nuclear launched the roadshow for its initial public offering on September 8, proposing to sell 50 million Class A shares at $15 to $18 each and list under the ticker HNUC on Nasdaq and Nasdaq Texas. The offering puts the nuclear company on course to seek as much as $900 million in proceeds and an implied valuation of about $10.2 billion at the top of that range, according to Reuters.

Holtec launches roadshow for 50 million Class A shares

The roadshow marks the live marketing phase of Holtec’s planned public-market debut. In its announcement, the company said the 50,000,000-share base offering would consist of Class A stock priced between $15 and $18 per share, subject to the IPO process.

Holtec intends for the shares to trade under HNUC on both Nasdaq and Nasdaq Texas, according to its September 8 announcement.

Top-end pricing would value Holtec at $10.2 billion

Pricing the full base offering at $18 a share would generate $900 million, Reuters reported. That price would imply an approximate $10.2 billion valuation for Holtec.

The $3 spread between the bottom and top of the proposed range means the final price will be material to the company’s fundraising total. The figures describe the proposed transaction rather than an established public-market valuation, as Holtec’s Class A shares do not currently trade publicly.

Underwriters hold a 7.5 million-share overallotment option

Holtec granted the underwriters a 30-day option to purchase up to 7,500,000 additional Class A shares on top of the 50 million-share base offering, potentially increasing the number of shares sold if exercised.

The company’s roadshow announcement did not say the additional shares had been purchased, leaving the overallotment option separate from the announced base deal.

The offering follows confidential controlled-company registration

The IPO follows Holtec’s confidential registration process with the U.S. Securities and Exchange Commission for a controlled-company offering. In an SEC filing dated May 1, the company said there was no public market for its Class A common stock.

The roadshow and proposed Nasdaq listings are the next disclosed steps in moving those shares toward public trading.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.