Energy Recovery, a developer and manufacturer of energy recovery devices utilized in the water desalination industry, priced its offering at $8.50 on Tuesday evening, 6% above the midpoint of the proposed $7-$9 range. Insiders sold 42% of the 14 million shares offered, and the company's stock is expected to begin trading Wednesday on the NASDAQ under the ticker ERII. Citi and Credit Suisse were the joint lead managers on the deal.
