Global Water Resources Looks To Raise Up To $6.3 Million In Its IPO

Global Water Resources Inc. set the expected price range for its initial public offering at $5.25 to $6.25. The water resource management company is offering 1 million shares to the public, as it looks to raise $6.25 million in the IPO. The company plans to apply for listing on the Nasdaq Global Market, under the ticker "GWRS." The company said the main reason to go public is to give it the option to exercise the redemption of tax-exempt bonds, which needs to be completed within 90 days after the closing of a public share offering. The company had earnings of $21.4 million on revenue of $32 million in 2015, compared with earnings of $64.9 million and $32.6 million in 2014.