Cascal, a Surrey, U.K.-based provider of water and wastewater services, dropped the size and price of its planned U.S. initial public offering, according to a filing with the Securities and Exchange Commission.

The company now expects the share sale to price between $12 and $13, well below the previously expected range of $17 to $19.

Cascal did not disclose a reason for the price drop.

Last year, Essen, Germany's RWE (OTC: RWEOY) postponed plans for an IPO of its Voorhees, N.J.-based American Water Works unit, citing U.S. market turmoil (see American Water IPO put on the backburner).

Cascal's parent company, Biwater Investments, significantly reduced the number of shares it's offering, and now plans to sell 4.3 million, down from 9 million.

Cascal still plans to offer 7.7 million shares, putting the total number of shares up for sale at 12 million.

The company said its expected proceeds of $89.6 million, down from $129 million, would be used to repay debt, for acquisitions, and the the development of projects.

Cascal provides services to the U.K., South Africa, Indonesia, China, Chile, Panama, Mexico and the Philippines.

Biwater will hold a 59 percent stake in the company after the IPO.

The underwriters, led by JPMorgan and including Credit Suisse, Janney Montgomery Scott and HSBC, have an option to buy up to 1.8 million shares from Biwater to cover overallotments.

Cascal plans to list its shares on the New York Stock Exchange under the symbol "HOO."