04.24.2008 11:15 am
Water IPO flows downhill
St. Louis Post-Dispatch
American Water Works, parent of St. Louis County Water Co., made a less-than-stunning debut yesterday on the New York Stock Exchange. Its shares fell 4 percent, closing at $20.60. And that’s after parent company RWE, a German utility, cut the offering price to $21.50 from its original range of $24 to $26. RWE also sold fewer shares than it originally expected, resulting in a charge to earnings. The German company still hopes to sell its remaining 64 percent stake in American Water by year’s end.
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David Nicklaus has covered St. Louis business for more than 25 years. His column appears three days a week on the Post-Dispatch business page. 
