BUZZ-SOLV Energy tracking to open above IPO price in debut after $513 mln raise

-5.02%

SOLV Energy Inc Class A

MWH

27.04

-5.02%

Updates

** Solar and battery storage firm SOLV Energy's MWH.O shares poised to open above offer price on Weds in Nasdaq debut

** MWH recently indicated to open at $28 vs $25 IPO price

** San Diego, California-based firm late Tues said it sold 20.5 mln shares at 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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