Holtec Nuclear postpones U.S. IPO, citing market conditions
Holtec Nuclear Corp (NASDAQ:HNUC) postponed its planned U.S. initial public offering on Thursday, citing market conditions, with the nuclear technology company saying it will continue to evaluate the timing of the offering in the future.
The Camden, New Jersey-based nuclear-services company said it would continue to evaluate the timing of the offering in the future. The IPO had been expected to price Thursday.
Holtec had been seeking to raise as much as $900 million, offering 50 million shares at $15-$18 each.
Holtec is a U.S.-headquartered clean-energy technology company focused on nuclear power generation and long-duration energy storage.
It is developing the SMR-300 small modular reactor and expects the first two units to be deployed at its Palisades site in Michigan, according to the company’s statement.
The company is also working to recommission the Palisades nuclear plant, which it said would be the first commercial nuclear reactor in the U.S. to be repowered after a permanent shutdown. Holtec is the Nuclear Regulatory Commission-authorized operator of the plant.
The postponed offering comes amid heightened investor interest in nuclear power as artificial-intelligence data centers drive expectations for stronger electricity demand.
At the same time, recently listed nuclear companies have struggled in the public markets. Bloomberg reported that Standard Nuclear closed Wednesday 21% below its IPO price, while X-Energy was 37% below its April IPO price.
Holtec reported $205.6 million in net income on $269.9 million of revenue for the six months ended June 30, compared with net income of $139.1 million and revenue of $286.6 million a year earlier, according to its filings.
The planned offering was being led by JPMorgan, Guggenheim Securities, Goldman Sachs, Citigroup and Bank of America.
