BUZZ-SOLV Energy set for public debut after $513 mln IPO priced at top-end

SOLV Energy Inc Class A +0.27%

SOLV Energy Inc Class A

MWH

29.72

+0.27%

** Solar and battery storage firm SOLV Energy MWH.O poised for Nasdaq debut after top-range IPO

** San Diego, California-based firm late Tues said it sold 20.5 mln shares at $25, upper end of $22-$25 marketed range, for $512.5 mln gross raise

** IPO values SOLV at roughly $5 bln valuation, based on shares outstanding noted in the prospectus

** Co was founded in 2008 as Swinerton Renewable Energy until private equity firm American Securities acquired and rebranded it in 2021

** American Securities had ~84% voting power in SOLV prior to offering

** Jefferies and JP Morgan leading about a dozen-firm underwriting group for the IPO


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