Charah Solutions, Inc. has announced that it has launched an initial public offering of 7 352 941 shares of its common stock at an anticipated initial offering price between US$16.00 and US$18.00 per share pursuant to a registration statement on Form S-1 (the Registration Statement) filed with the US Securities and Exchange Commission (the SEC).
Of the 7 352 941 shares of Charah’s common stock to be sold in the offering, Charah is offering 5 294 17 shares and the selling stockholders named in the Registration Statement (the Selling Stockholders) are offering 2 058 824 shares. In addition, the Selling Stockholders intend to grant the underwriters a 30-day option to purchase up to an additional 1 102 941 shares of Charah’s common stock at the initial public offering price, less underwriting discounts and commissions. The shares have been authorised for listing on the New York Stock Exchange under the ticker symbol ‘CHRA’, subject to official notice of issuance.
Charah expects to use the net proceeds from the offering to repay borrowings outstanding under its term loan and the remaining net proceeds for general corporate purposes.
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