(Bloomberg) — Nuclear supplier Holtec Nuclear Corp. is seeking to raise as much as $900 million in a US initial public offering, as companies seek to capitalize on data centers’ growing power demands.
The Camden, New Jersey-based firm plans to market 50 million shares for $15 to $18 each, according to a filing with the US Securities and Exchange Commission Tuesday.
At the top of that range, Holtec would have a market value of about $10.2 billion based on the outstanding shares listed in its filing.
Holtec makes steel and concrete casks used to store nuclear waste, and is the main US company involved in decommissioning shuttered reactors including Indian Point north of New York City. It’s also developing its own reactor technology, and its small modular reactor project was awarded a $400 million grant from the US Department of Energy in December. The company aims for the reactors to be in commission in the early 2030s.
The offering comes as nuclear energy has been seeing increased interest as artificial intelligence data centers look for ways to meet their growing power needs. But with small modular reactors still not commercially available in the US, some nuclear stocks have pulled back as investors await development progress.
Standard Nuclear Inc. went public in July, but saw its shares fall in its debut, even after the firm downsized its US IPO. X-Energy Inc., which went public in April, has also since fallen below its IPO price.
The company had net income of $205.6 million on revenue of $269.9 million for the six months ended June 30, compared with net income of $139 million on revenue of $286.6 million a year prior, according to the filing.
Holtec’s offering is being led by JPMorgan Chase & Co., Guggenheim Securities, Goldman Sachs Group Inc., Citigroup Inc. and Bank of America Corp. The company expects its shares to trade on the Nasdaq Stock Market and Nasdaq Texas under the symbol HNUC.
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