Holtec Nuclear suspends planned US IPO amid market conditions

Holtec Nuclear has suspended its planned U.S. initial public offering (IPO), according to reports citing market conditions. The company was seeking to raise up to $900 million by offering 50 million shares, with pricing expected to occur this week. This postponement follows recent struggles for nuclear sector issuers, including Standard Nuclear and X-Energy, both of which have seen share prices drop significantly below their offering prices.

Despite the financial setback, Holtec has received regulatory progress for its physical projects. The U.S. Nuclear Regulatory Commission (NRC) has approved early construction work for two planned small modular reactors (SMRs) at the Palisades Energy Center in Michigan. This authorization allows for excavation, dewatering, and ground preparation for the Pioneer Units 1 and 2, which are expected to provide a combined 680 megawatts of electricity. The NRC determined that these activities would not significantly impact the human environment or historic properties.