Milwaukee, Wis.-based Rexnord Holdings, a power transmission and water management company, announced today that it filed with the U.S. Securities and Exchange Commission to raise up to $750 million in an initial public offering.

The terms of the offering have not been set.

Backed by Apollo Management, the company plans to trade under the symbol "RXN" on the New York Stock Exchange, joining a growing list of water-related companies going public this year.

Earlier this month, San Leandro, Calif.-based Energy Recovery (Nasdaq: ERII) started trading on the Nasdaq after pricing its IPO of 14 million shares at $8.50 per share (see Energy Recovery prices IPO near top of range). The company makes energy recovery devices for the water desalination industry.

In May, Global Water Resources, a Phoenix, Ariz.-based water and wastewater utility, filed plans to raise up to $50 million in an initial share sale. (see Global Water Resources going public). The filing from Global Water closely followed an IPO from Voorhees, N.J.-based American Water Works (NYSE: AWK), but that offering didn't fare as well as expected (see American Water Works prices below range).

American Water Works pulled in $1.25 billion after pricing 58 million shares at $21.50 per share. It had originally planned to offer 64 million shares at $24 to $26.

Rexnord plans to use some of its expected proceeds to repay debt, with the remaining cash to go toward general corporate purposes. The company has not yet named an underwriter for its IPO.

Rexnord has 7,400 employees and operates 28 power transmission manufacturing and four power transmission repair facilities around the world, and 21 water management manufacturing and warehouse sites in North America, as well as an engineering and sourcing center in Zhuhai, China.

The company generated net sales of $1.9 billion in the year ended March 31, pulling in net income of $300,000.