US nuclear firm Holtec plans IPO to fund India SMR projects
Holtec International, an American nuclear equipment company, has filed for an initial public offering (IPO) with US regulators. The company plans to use the funds to expand into small modular reactor (SMR) technology and develop projects in India.
The Florida-based firm, which is among the world's largest exporters of nuclear components, is a key player in the emerging SMR sector. Holtec's CEO, Kris P Singh, said the public issue will help the company build in India. The company is in talks with NTPC Ltd, India's largest power generator, and other partners.
India's atomic energy sector was opened to greater private and foreign participation with the passage of the SHANTI Act in late 2024. The law eased liability rules and allowed private investment in nuclear power.
Holtec has received specific authorisation from the US Department of Energy (DoE) to transfer SMR technology to Indian entities, including its subsidiary Holtec Asia, Tata Consulting Engineers, and Larsen & Toubro. This authorisation overcomes restrictions under US regulation 10CFR810, which otherwise limits technology transfers to countries like India.
The IPO, expected to be one of the largest in the global nuclear industry, will help fund Holtec's $10 billion plan to transform from a supplier of nuclear components into a full-scale reactor manufacturer and operator. The company may also raise additional capital through private placements, including talks with Abu Dhabi's International Holdings Company.
Growing demand for low-emission baseload power, driven partly by the AI data centre boom, is boosting interest in nuclear energy. Holtec's lead in India marks a shift from earlier frontrunners like Westinghouse and GE Hitachi, as the company moves to leverage the Indo-US civil nuclear agreement.
