InfrastruX Group Inc, a provider of services to gas and electricity companies, is seeking to raise up to $290 million in an initial public offering, according to a regulatory filing on Monday.
InfrastruX, based in Seattle and owned by Tenaska Power Fund LP, a private equity fund that invests in power generation, offers project management, equipment, maintenance, construction, and repair services to customers that include Alliant Energy Corp, American Electric Power Co Inc and Chevron Corp.
It derived 64.2 percent of its $827 million of revenue in 2008 from electricity distribution and transmission, according to a prospectus with the U.S. Securities and Exchange Commission.
Tenaska bought InfrastruX from utility Puget Energy Inc for $275 million in 2006.
The move comes as private equity firms try to take advantage of the thawing IPO market and improving stock markets to unload portfolio companies.
Last week, Avago Technologies Ltd, partially owned by private equity firm Kohlberg Kravis & Roberts & Co, launched a $648 million IPO, the second largest in the United States this year.
The filing did not disclose the terms of the deal, including potential timing.
The company's 12-month work backlog as of March 31 was $403 million, but InfrastruX cautioned that contracts can be terminated on short notice.
InfrastruX, founded in 2000, said it plans to use the proceeds of the IPO to pay off debt and fund potential acquisitions.
InfrastruX reported a net loss of $36.6 million in 2008, and loss of $41.8 million in 2007.
The company said in its filing that its business is threatened by reduced demand for electricity and depressed oil and natural gas prices brought on by the economic slowdown.
InfrastruX has applied to list its stock on the New York Stock Exchange under the symbol IFR.
The IPO's lead bookrunners are Credit Suisse and UBS Investment Bank. (Reporting by Phil Wahba, additional reporting by Michael Erman; Editing by Steve Orlofsky)