July 15 (Reuters) – Standard Nuclear on Wednesday slashed its target of funds to be raised through its U.S. initial public offering by more than 50%, according to a regulatory filing.
The nuclear fuel company is now planning to sell 10 million shares priced at $15 apiece. It had earlier offered 18.25 million shares at $18 to $21 each.
At $15, Standard Nuclear would be valued at about $2.4 billion, compared with its previous target of $3.55 billion.
The Oak Ridge, Tennessee-based company produces advanced nuclear fuel for advanced nuclear reactors, including small modular reactors and microreactors, with a focus on scaling up domestic capacity to bolster U.S. energy security.
BofA Securities and Goldman Sachs are acting as the joint lead bookrunning managers for the offering.
Standard Nuclear is expected to price its IPO later on Wednesday and begin trading on the New York Stock Exchange on Thursday.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shilpi Majumdar)
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