EnergySolutions has gone into some detail regarding its initial public offering. They plan to offer up 30 million shares in an attempt to settle 100s of millions in debt and obligations to officers. According to a recent company statement, “[they] are a leading provider of specialized, technology based nuclear services to government and commercial customers…[and] also own and operate strategic facilities that complement [their] services and uniquely position [them] to provide a single source solution to [their] customers.”
EnergySolutions started in 1988 as a low-level and hazardous waste disposal facility in Tooele created by the U.S. DOE. The payroll has now grown from 250 to 5000+ and revenues from $227 million to $1.8 billion (2006). With this expansion has come nearly $100 million in debt (noted that last year’s profits were $62 million). With the Barnwell site closing in 2008, many Texans may come to rely on EnergySolutions for safe and efficient storage and disposal. The country also needs a centralized disposal facility to limit the risks from storing waste across the nation.
Some details about the IPO…
*The company stated they acknowledged investor risk due to “political and community objections to its operations.”
EnergySolutions is expected to sell 30 million shares between $19 and $20 each. This will most likely take place in December under the NYSE symbol ES.
Their selling points include: