Desalination firm AquaVenture share price climbs after IPO
The share price of AquaVenture Holdings has been steadily increasing following an initial public offering earlier this month...
TAMPA, FL - The share price of AquaVenture Holdings (AVH) has been steadily increasing following an initial public offering (IPO) earlier this month.
The company debuted on the New York Stock Exchange on October 6 with 6.5 million shares priced at $18 per share, raising $117 million.
Today the share price is trading at $22.40, over 24% above the IPO price.
Through a Water-as-a-Service (WAAS) business model, the company’s plan is to acquire existing thermal desalination facilities and upgrade them to membrane, reverse osmosis-based projects.
AVH’s subsidiaries include US point of use firm, Quench, as well as Seven Seas Water, which provides desalination and wastewater treatment solutions.
In August 2015 Seven Seas Water acquired a 10,450 m3/day desalination facility on Tortola in the British Virgin Islands.
The company will own and operate the facility over the remaining 15 year contract term with the Government of British Virgin Islands.
Reports suggest that $45 million of the company’s IPO proceeds will be used to construct a new desalination facility in Peru.