Adds valuation target in paragraph 1, background throughout

Jan 30 (Reuters) - Solar and battery storage firm SOLV Energy said on Friday it is targeting a valuation of up to $4.99 billion in its initial public offering in the United States.

The San Diego, California-based company plans to raise as much as $512.5 million by offering 20.5 million shares priced between $22 and $25 apiece.

IPO activity in the U.S. has bounced back after the historic U.S. government shutdown last year hindered the Securities and Exchange Commission’s operations and stifled deal flow.

Jefferies and J.P. Morgan are the joint lead book-running managers for the offering.

SOLV Energy will list on the Nasdaq under the symbol “MWH.”