Global Water Resources, a Phoenix, Ariz.-based water and wastewater utility, is heading to the public markets, seeking to raise up to $50 million in an initial public offering.

Global Water joins fellow water firms Voorhees, N.J.-based American Water Works (NYSE: AWK) and San Leandro, Calif.'s Energy Recovery in the leap to public market (see Cleantech water deals diving into rough market).

But American Water didn't fare as well as expected when it started trading last month (see American Water Works prices below range).

American Water Works pulled in a lower-than-expected $1.25 billion after pricing 58 million shares at $21.50 per share.

The company had originally planned to offer 64 million shares at $24 to $26.

Global Water's IPO is being handled by Janney Montgomery, the sole book-runner and lead manager for the share sale.

The water utility owns and operates 16 water and wastewater utilities in the state of Arizona, serving more than 38,000 connections.

Global Water plans to use the proceeds from the IPO to repay outstanding indebtedness, for capital expenditures and to finance potential future acquisitions and for general corporate purposes.

Company chairman William Levine is the largest stockholder in Global Water, with a 42 percent stake.

The number of shares being sold in the offering and a price range have not yet been disclosed.

Global Water plans to list its shares on the Nasdaq under the symbol "GWRI."