Gas generator maker ERock raises $600 million in US IPO

ERock, Inc. Class A

ERock, Inc. Class A

EROC

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- ERock raised $600 million in its U.S. initial public offering, the natural gas generator maker said late on Tuesday, becoming the latest company to debut amid a busy market for new listings.


Here are some details of the IPO:

  • The Houston, Texas-based company sold about 27.9 million shares priced at $21.50 each, the mid-point of its indicated range of $20 to $23.

  • ERock joins a host of companies that have recently taken the public market path, as momentum in the U.S. IPO market has returned with renewed investor optimism for fresh stocks.

  • Elon Musk's SpaceX is going public this week, while AI giants Anthropic and OpenAI have already filed confidentially to go public in New York.

  • ERock, founded in 2006, ​provides natural gas generators to data centers, utilities, and commercial and industrial customers across nine U.S. ‌states. ⁠A huge chunk of its revenue comes from high-growth regions such as Texas and California.

  • The company, formerly called Enchanted Rock, is targeting to increase its annual assembly capacity to roughly 1.2 GW by the end ⁠of ​2026 with the development of its Hyperion facility ​in Houston.

  • Morgan Stanley and J.P. Morgan are joint lead bookrunning managers.

  • ERock will begin trading on the New York Stock Exchange ​under the ticker "EROC", later on Wednesday.