Blackstone-Backed Legence Powers Up IPO Ambitions with $2.95B Valuation Target

TLDR

• Legence eyes $2.95B IPO, fueling Blackstone’s renewed market momentum.
• Blackstone-backed Legence targets $754M raise in Nasdaq debut.
• Data center boom powers Legence’s $2.95B IPO ambitions.
• Blackstone’s Legence IPO sets $25–$29 price range for 26M shares.
• Sustainability focus drives Legence’s high-stakes public listing.

Blackstone-backed Legence has launched its Initial Public Offering (IPO) plans, aiming for a valuation of up to $2.95 billion. The engineering and maintenance firm seeks to raise up to $754 million by offering 26 million shares. Each share will be priced between $25 and $29, reflecting renewed energy in the U.S. IPO market.

This IPO comes as capital markets recover from the seasonal summer slowdown and return to high activity. Legence plans to list on the Nasdaq exchange using the ticker symbol “LGN.” The company’s offering highlights the increasing momentum across high-profile IPOs as fall approaches.

The IPO surge follows recent blockbuster market debuts, encouraging firms to accelerate listing strategies. Blackstone, which owns Legence, is preparing more IPO candidates than at any time since 2021. Legence’s listing is a key component of this strategic push.

Legence Builds Market Position with Focus on Complex Infrastructure

Legence provides engineering, installation, and maintenance services focused on sustainability and energy efficiency. It specializes in systems such as heating, ventilation, and air conditioning across technically demanding sectors. Its expertise spans healthcare, life sciences, and increasingly, data centers.

As of June 30, 2024, the company had a backlog and awarded contracts worth $2.8 billion. Nearly 40% of these new building projects are focused on data centers, reflecting industry trends. Demand for these projects continues to grow amid rising AI infrastructure development.

Backed by Blackstone since 2020, Legence has expanded rapidly through acquisitions. It bought firms including A.O. Reed, OCI Associates, and P2S, strengthening its technical capacity. These additions have helped diversify the project base while boosting recurring revenues.

IPO Signals Confidence in Legence’s Growth and Market Potential

Goldman Sachs and Jefferies lead the underwriting responsibilities for the IPO. Their participation adds credibility and investor confidence to the offering, which will support Legence’s next phase of growth and acquisition plans.

Blackstone originally acquired Legence, then named Therma Holdings from Gemspring Capital in 2020. Under new ownership, the company repositioned itself to capitalize on the booming demand for intelligent building systems. Its rebranding aligned with an aggressive M&A strategy and sustainability push.

With over a century of experience, Legence has built a strong reputation in critical infrastructure. The upcoming IPO signals not only capital raising but also market validation of its long-term growth strategy. The company’s public debut may shape further activity in the high-growth building solutions sector.

IPO Buzz Returns as Legence Sets the Pace

The Legence IPO adds to the recent wave of strong market entries after a subdued summer. Driven by pent-up demand and renewed valuation optimism, more IPOs are expected in the coming months. Legence’s entry could serve as a benchmark for upcoming listings from Blackstone’s broad portfolio.

Its IPO also underscores broader trends in sustainability-driven infrastructure and complex engineering solutions. As governments and companies push for net-zero targets, firms like Legence gain critical importance. The IPO proceeds could fund innovation and expansion in these mission-critical sectors.

The Legence IPO represents a high-stakes move backed by proven ownership and apparent market demand. With strong financials, sector positioning, and strategic leadership, the company is well-placed for a public market transition. The IPO market appears firmly back on track.

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