British water company Cascal IPO raises $144 mln

NEW YORK Mon Jan 28, 2008 5:36pm EST

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NEW YORK Jan 28 (Reuters) - British water company Cascal NV on Monday raised $144 million with an initial public offering that priced at the bottom of a lowered forecast range.

The company sold 12 million shares for $12 each, compared with a forecast range of $12 to $13, according to an underwriter.

The company had earlier filed to sell 16.7 million shares for between $17 and $19. It lowered the terms for its IPO on Friday, after delaying the pricing of the offering to this week.

Underwriters, led by JPMorgan (JPM.N) and Credit Suisse (CS.N), have the option to purchase an additional 1.8 million shares to cover overallotments.

The Dorking, Surrey-based water and wastewater services company has been approved to list its shares on the New York Stock Exchange under the symbol "HOO." HOO.N (Reporting by Lilla Zuill; editing by Carol Bishopric)

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