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(Bloomberg) — Solv Energy Inc. is seeking to raise as much as $512.5 million in an initial public offering, becoming one of the latest companies to capitalize on data centers’ increasing power needs.
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The energy infrastructure services company is offering 20.5 million shares for $22 to $25 each in its IPO, according to a filing with the US Securities and Exchange Commission on Friday.
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At the top of the price range, Solv would have a market value of about $5 billion based on the outstanding shares listed in its filing.
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The San Diego-based firm works in engineering, procurement, construction, operations and maintenance in the energy sector, and specializes in solar and battery storage. Solv’s IPO comes as 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.
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Solv had net income of $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 prior, the filing shows. The firm had a backlog worth about $6.7 billion as of Sept. 30.
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Solv was previously a subsidiary of Swinerton Builders before it was acquired by private equity firm American Securities in 2021. American Securities expects to have 75% of the voting power in the company after the IPO, the filing shows.
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The offering is being led by Jefferies Financial Group Inc. and JPMorgan Chase & Co. The company plans for its shares to trade on the Nasdaq Global Select Market under the symbol MWH.
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