Blackstone-backed Legence files for U.S. IPO
Engineering and maintenance service provider Legence, which is backed by the world's largest alternative asset manager Blackstone, said on Friday it had filed for an initial public offering in the United States.
The terms of the proposed public offering were not disclosed.
The U.S. IPO market has seen a resurgence in activity with a flurry of companies coming forward to list their shares to tap growing investor confidence, after a slowdown in April due to trade policy changes.
Transit-tech firm Via also publicly filed to go public in New York on Friday.
Shares of cryptocurrency exchange Bullish more than doubled in their New York debut earlier in the week, while space tech firm Firefly Aerospace also received a blockbuster response earlier in the month.
In 2020, Blackstone acquired Legence from private equity firm Gemspring Capital. Before the deal, the company was known as Therma Holdings.
The San Jose, Calif.-based company offers services for the built environment, including sustainability, consulting and green construction, helping clients reduce operating costs and carbon emissions.
Over the years, Legence has bulked up through acquisitions of rivals such as Corporate Sustainability Strategies, P2S, A.O. Reed and OCI Associates.
Blackstone last month said it is preparing more companies to go public than any other time since the record IPO year of 2021.
Goldman Sachs and Jefferies are the lead book-running managers for the offering. The company intends to list its shares on Nasdaq under the ticker symbol 'LGN.'
(Reporting by Arasu Kannagi Basil and Pritam Biswas in Bengaluru; Editing by Vijay Kishore)
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