UPDATE 1-Energy company ERock valued at $5.5 billion as shares fall in NYSE debut
ERock, Inc. Class A EROC | 0.00 | |
INNIO N.V. INIO | 0.00 | |
NASDAQ IXIC | 0.00 |
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June 10 (Reuters) - ERock's EROC.N shares fell 6.5% in their New York Stock Exchange debut on Wednesday, giving the gas generator maker a valuation of $5.49 billion on a fully diluted basis.
The Houston, Texas-based company's stock opened for trading at $20.10 apiece, below the offer price of $21.50.
ERock had raised $600 million in its U.S. initial public offering on Tuesday after selling 27.9 million shares at the midpoint of its marketed range of between $20 and $23 per share.
The debut shows investors have remained selective toward new listings despite strong interest in companies positioned to benefit from surging energy demand from data centers and AI infrastructure.
Peer Innio INIO.O, however, had attracted strong demand on its Nasdaq debut last week.
Formerly known as Enchanted Rock, ERock provides utility-grade modular power systems and natural gas generators to data centers and other large commercial and industrial customers across nine U.S. states.