Blackstone-backed Legence raises $728 million in US IPO

(Reuters) -Engineering and maintenance services provider Legence raised $728 million in its U.S. initial public offering on Thursday, adding its name to the string of companies looking to go public amid heightened investor enthusiasm.

The San Jose, California-based company sold 26 million shares priced at $28, within its marketed range of $25 to $29 apiece. This gives Legence a valuation of $2.85 billion.

The U.S. IPO market has shown signs of post-Labor Day strength as a slew of companies launched their roadshows to go public, incentivized by a strong equity market, hopes of rate cuts and the fading anxiety around President Donald Trump's tariffs.

Swedish fintech firm Klarna received overwhelming support from investors on its debut, as its shares popped 30% on Wednesday, followed by a strong opening by blockchain lender Figure earlier in the day.

With over 100 years of history, Legence designs and installs systems such as heating, ventilation and air conditioning, as well as those boosting energy efficiency and sustainability in buildings.

Blackstone acquired Legence, then known as Therma Holdings, from private equity firm Gemspring Capital in 2020. Under Blackstone's ownership, Legence has bought smaller rivals, including A.O. Reed, OCI Associates and P2S.

Goldman Sachs and Jefferies are the lead underwriters for the IPO. Legence will list on the Nasdaq under the symbol "LGN" on Friday — alongside the Winklevoss twins' cryptocurrency exchange Gemini.

(Reporting by Pritam Biswas and Surbhi Misra in Bengaluru; Editing by Alan Barona)

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