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NEW YORK, Nov 10 (Reuters) - Nalco Holding Co.'s initial public offering raised a less-than-expected $666.6 million on Wednesday after the water treatment company's shares priced below the expected price range.

Nalco's IPO priced 44.44 million shares at $15 per share, the underwriter said. The company had filed for an offering in a price range of $17 to $19 per share.

Based in Naperville, Illinois, Nalco provides water treatment chemical products and services used in production processes and to prevent corrosion, contamination and deposit buildup.

The water treatment industry, though considered largely mature, with its technologies and products having been in use for many years, could be experiencing a resurgence, experts said.

The industry "has been gaining a lot of attention from investors," said John Quealy, an analyst with Adams Harkness Inc. "The [Environmental Protection Agency] has really focused on water and waste water quality in the last several years."

Formerly a subsidiary of French utility company SUEZ SA (LYOE.PA: Quote, Profile, Research) (SZE.N: Quote, Profile, Research) , Nalco was sold in the fall of 2003 to a consortium of private equity buyers, comprised of Blackstone, Apollo Management LP and Goldman Sachs Capital Partners, for $4.35 billion.

According to a regulatory filing, the deal's underwriters, led by Goldman Sachs & Co. and Citigroup, have the option to purchase an additional 6.7 million shares to cover any over-allotments.

After the offering, the sponsor group would own between 60.9 and 65.6 percent of Nalco's common stock, depending on whether the over-allotment option is exercised.

Nalco plans to use proceeds from its offering to pay a dividend to its parent company, Nalco LLC, and to redeem senior discount notes issued by its subsidiaries.

Shares of Nalco are expected to trade on the New York Stock Exchange under the symbol "NLC" (NLC.N: Quote, Profile, Research) .

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