ERock raises $600 million in U.S. initial public offering

Investing.com -- ERock raised $600 million in its U.S. initial public offering late on Tuesday, the natural gas generator maker said, joining a growing list of companies entering the public markets.

The Houston, Texas-based company sold approximately 27.9 million shares at $21.50 each, the mid-point of its indicated range of $20 to $23. ERock is set to commence trading on NYSE on Wednesday under the ticker EROC.

ERock is among several companies pursuing public listings as the U.S. IPO market gains momentum. Elon Musk's SpaceX is going public this week, while AI companies Anthropic and OpenAI have filed confidentially to go public in New York.

Founded in 2006, ERock provides natural gas generators to data centers, utilities, and commercial and industrial customers across nine U.S. states. The company, formerly known as Enchanted Rock, generates a large portion of its revenue from high-growth regions including Texas and California.

The company aims to increase its annual assembly capacity to roughly 1.2 GW by the end of 2026 through the development of its Hyperion facility in Houston.

Morgan Stanley and J.P. Morgan serve as joint lead bookrunning managers for the offering.

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