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APCascal IPO Prices at $12 Per Share

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surf1944   Wednesday, 01/30/08 11:25:12 AM
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Cascal IPO Prices at $12 Per Share
Tuesday January 29, 11:03 am ET
Cascal's IPO of 12M Shares Prices at $12 Per Share, the Bottom of Already-Reduced Expectations

NEW YORK (AP) -- Cascal NV shares declined in their debut on Tuesday, after the water and wastewater services provider's initial public offering of 12 million shares priced at $12 per share, the bottom of already-reduced expectations.

In morning trading, the stock fell 4 cents to $11.96. The shares have traded between $11.70 and $12.25 during the session.

On Friday, Cascal reduced the size and expected price range of its IPO after its parent company reduced the number of shares it planned to sell in the offering.

According to Securities and Exchange Commission filings, Cascal expected the IPO to price between $12 and $13 per share. The company initially expected the offering to price from $17 to $19 apiece.

The IPO was expected to total 16.7 million shares before Cascal's parent company, Biwater Investments Ltd., reduced its portion of the offering.

Based on the revised terms, Cascal has a market capitalization of $354.7 million.

Cascal plans to use the proceeds from its portion of the IPO to repay debt, for acquisitions, to develop projects and for working capital.

The U.K.-based company provides water and wastewater services to a total population of about 3 million in the United Kingdom, South Africa, Indonesia, China, Chile, Panama, Mexico and the Philippines.

Biwater Group will hold a 59 percent stake in the company following the offering.

For the six months ended Sept. 30, Cascal's rose to $79.4 million from $55.8 million in the first six months of 2006. Revenue was calculated using Dutch generally accepted accounting principles, which vary in certain respects from U.S. GAAP, such as in how the cost of pensions and goodwill amortization are calculated. Cascal is incorporated in the Netherlands.

JPMorgan is serving as the IPO's lead underwriter. Credit Suisse, Janney Montgomery Scott LLC and HSBC are also underwriting the offering.

Cascal's shares trade on the New York Stock Exchange under the symbol "HOO."

surf's up......crikey

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