Two Powell Goldstein partners, William B. Shearer Jr. and G. William Speer, are counsel to an Arizona company, Global Water Resources Inc., on its plans to hold an initial public offering this year.

Global Water, headquartered in Phoenix, manages water and wastewater utilities in metropolitan Phoenix. Before it can hold its IPO, the company must obtain approval from the Arizona Corp. Commission, according to a regulatory filing. The company plans to raise $50 million through the IPO. Shearer and Speer declined to comment on Global Water's IPO registration statement, citing the company's quiet period required by the Securities and Exchange Commission.