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Global Water Resources has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). The company expects to price its 1 million shares in the range of $5.25 to $6.25, with an overallotment option for an additional 150,000 shares. At the maximum price the entire offering is valued up to $7.19 million. The company intends to list on the Nasdaq Global Market under the symbol GWRS.

The single underwriter of this offering is Roth Capital Partners.

This leading water resource management company owns, operates and manages water, wastewater and recycled water utilities in strategically located communities, principally in metropolitan Phoenix, Ariz. Global Water seeks to deploy its integrated approach, referred to as “Total Water Management,” which means managing the entire water cycle by owning and operating the water, wastewater and recycled water utilities within the same geographic areas in order to both conserve water and maximize its total economic and social value.

The company uses Total Water Management to promote sustainable communities in areas where it expects growth to outpace the existing potable water supply. The model focuses on the broad issues of water supply and scarcity and applies principles of water conservation through water reclamation and reuse. The basic premise is that the world’s water supply is limited and yet can be stretched significantly through effective planning and the use of recycled water, and by providing individuals and communities resources that promote wise water usage practices.

In the filing, Global Water detailed:

We currently own nine water and wastewater utilities in strategically targeted communities principally in metropolitan Phoenix. We currently serve more than 50,000 people in approximately 20,000 homes within our 332 square miles of certificated service areas, which are serviced by five wholly-owned regulated operating subsidiaries as of December 31, 2015. Approximately 94.9% of our active service connections are customers of our Santa Cruz and Palo Verde utilities, which are located within a single service area. We have grown significantly since our formation in 2003, with total revenues increasing from $4.9 million in 2004 to $32.0 million in 2015, and total service connections increasing from 8,113 as of December 31, 2004 to 38,744 as of December 31, 2015, with regionally planned service areas large enough to serve approximately two million service connections.

The net proceeds from this offering are intended to be used for working capital and general corporate purposes.