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(Bloomberg) — Solv Energy Inc. shares opened 20% above their IPO price, after the energy infrastructure services company raised $512.5 million in a US initial public offering.
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Shares of the San Diego-based firm opened at $30 each on Wednesday, versus an IPO price of $25 apiece. The listing priced at the top end of the marketed range. It was 10 times oversubscribed, people familiar with the matter said earlier.
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The trading gives Solv a market value of about $6 billion based on the outstanding shares listed in its filings.
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The firm works in engineering, procurement, construction, operations and maintenance in the energy sector and specializes in solar and battery storage. Solv was previously a subsidiary of Swinerton Builders before it was acquired by private equity firm American Securities in 2021. American Securities expected to have 75% of the voting power in the company after the IPO, the filing shows.
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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. The firm provides operations and maintenance services for 146 power plants in North America.
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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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The IPO was led by Jefferies Financial Group Inc. and JPMorgan Chase & Co. Solv shares trade on the Nasdaq Global Select Market under the symbol MWH.
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