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(Bloomberg) — Solv Energy Inc. raised $512.5 million in a US initial public offering, pricing its shares at the top of the marketed range.
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The energy infrastructure services company sold 20.5 million shares at $25 each, according to a statement. The shares had been marketed at $22 to $25.
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The IPO was double-digits oversubscribed, people familiar with the matter have said.
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At the IPO price, Solv has a market value of about $5 billion based on the outstanding shares listed in its filings with the US Securities and Exchange Commission.
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Demand for energy storage has been rising in the US, with technology companies seeking to power data centers for artificial intelligence and high-performance computing. San Diego-based Solv works in engineering, procurement, construction, operations and maintenance in the energy sector, and specializes in solar and battery storage.
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Previously a subsidiary of Swinerton Builders, Solv was acquired by private equity firm American Securities in 2021. American Securities is expected to have 75% of voting power in the company after the IPO, the filings show.
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Solv had net income of about $114 million on revenue of $1.7 billion for the first nine months of 2025, compared with net income of about $139,000 on revenue of $1.4 billion a year earlier. The firm had a backlog worth about $6.7 billion as of Sept. 30.
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The offering is being led by Jefferies Financial Group Inc. and JPMorgan Chase & Co. Solv plans to make its debut Wednesday on the Nasdaq Global Select Market under the symbol MWH.
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English (US)