Sept 8 (Reuters) - Holtec is targeting a valuation of up to $10.2 billion in its U.S. initial public offering, the nuclear technology company said on Tuesday, as Wall Street kicks off its post-Labor Day dealmaking stretch.
The Camden, New Jersey-based company is seeking up to $900 million by offering 50 million shares priced between $15 and $18 apiece.
The fall is traditionally one of the busiest stretches for new deals, as markets shake off the summer slowdown.
"The companies that go public first will
also set the stage, with strong showings potentially encouraging more listings to come to market, while mispriced deals or poor aftermarket performances could narrow the window," IPOX Research Associate Lukas Muehlbauer said.
Economic fundamentals and markets, along with the Fed meeting this month, will drive the IPO market going forward, with little impact from this year's midterms, Muehlbauer added.
Holtec's listing adds to a string of nuclear IPOs this year as issuers in the sector increasingly pivot to traditional IPOs from blank-check deals.
X-energy and Standard Nuclear went public through traditional IPOs this year, while nuclear firm Westinghouse has also confidentially filed for a New York listing.
Demand for nuclear energy has surged as the data center buildout fuels electricity demand, straining U.S. power grids and renewing interest in nuclear reactors.
Founded in 1986 by Krishna Singh, Holtec specializes in areas such as heat transfer and reactor components, spent fuel storage and nuclear plant decommissioning.
The firm is developing small modular reactors (SMRs), with the first two units expected to be deployed at its Palisades site.
Holtec is also working on restarting the decommissioned 800-megawatt Palisades plant, which would be the first U.S. commercial reactor to restart after ceasing operations.
J.P. Morgan, Guggenheim Securities, Goldman Sachs, Citigroup, and BofA Securities are joint lead book-running managers. Holtec will list on the Nasdaq and Nasdaq Texas under the symbol "HNUC".
(Reporting by Pragyan Kalita and Arasu Kannagi Basil in Bengaluru; Editing by Vijay Kishore)
