American Water Works, the largest investor-owned United States water and wastewater utility company, priced its 58 million share offering at $21.50 on Tuesday, 14% below the expected price range. The company had originally planned to offer 64 million shares at a range of $24-$26, with all proceeds going to a selling shareholder, RWE Aqua Holdings. The shares are expected to begin trading Wednesday on the NYSE under the ticker AWK. Goldman Sachs, Citi and Merrill Lynch were the joint book runners on the deal.
