Holtec, based in Camden, New Jersey, shelved its planned listing and said it will keep an eye on when conditions improve. The company's IPO blueprint called for 50 million shares at a $15 to $18 range, which would have raised as much as $900 million.
Holtec manufactures steel-and-concrete casks for nuclear-waste storage and ranks as the leading US contractor for dismantling retired reactors, including work at Indian Point just north of New York City. The company is developing proprietary reactor designs, aiming to place units into service in the early 2030s. Last year, the US Department of Energy provided funding to the company.
Nuclear has been getting fresh attention as AI data centers search for ways to power their growth. But small modular reactors are not yet commercially available in the US, and some names have cooled as investors wait for progress. Standard Nuclear Inc., which listed in a scaled-down US IPO in July, finished Wednesday 21% below its offering price. X-Energy Inc., public since April, is trading 37% under its IPO level. Holtec's IPO syndicate included JPMorgan Chase & Co., Guggenheim Securities, Goldman Sachs Group Inc., Citigroup Inc. and Bank of America Corp.
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If you are watching this space, the takeaway is simple: enthusiasm for nuclear meets a still-early commercialization timeline. Delays and price chops are normal in that phase, so set expectations around a bumpy road even when the long-term story looks promising.
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