InfrastruX plans IPO

Seattle-based InfrastruX Group seeks to raise as much as $290 million in an initial public offering (IPO) on the New York Stock Exchange, according to regulatory documents filed Monday.

InfrastruX Group provides construction services to gas and electricity companies.

Under the symbol IFR, it would be the first Washington company to go public in more than two years, since Kirkland-based Clearwire made its debut in March 2007.

InfrastruX said it intends to use IPO proceeds to repay a portion of its $267 million in debt and to fund future acquisitions. It had sales of $827 million in 2008 and a loss of $36 million, or 75 cents a share.

The company was organized in 2000 as a subsidiary of Puget Sound Energy. Over the next three years, it acquired 18 companies that provide electric power and natural-gas maintenance and construction services and other infrastructure services.

In 2006, InfrastruX Group was sold to Tenaska Power for $275 million. At the time, it had more than 3,000 employees and annual revenue of almost $400 million.

InfrastruX says it is one of a handful of companies that offer "end-to-end" energy infrastructure services, and it has patented treatments for water-damaged power and telecommunication lines used widely overseas.

The company's chief executive is Michael T. Lennon. Its 650 customers include ChevronTexaco and Duke Energy.

Monday's filing reflects signs of life in what has been a very sluggish IPO market this year.

Private equity firms have been waiting for an improvement in the stock market to unload a backlog of companies and return capital to investors.

One other Washington company, Seattle-based pharmaceutical developer Omeros, is actively pursuing an IPO — plans it announced in January 2008.

A few others have plans that have not been formally withdrawn but have not shown any activity in more than a year.

Kristi Heim: 206-464-2718 or kheim@seattletimes.com