Fervo Energy files for IPO with shares priced between $21-$24

Fervo Energy Company filed for an initial public offering on Monday, offering 55,555,555 shares of Class A common stock with an expected price range of $21.00 to $24.00 per share, according to a company statement.

The geothermal energy company plans to list its shares on NASDAQ under the ticker symbol "FRVO." Prior to this offering, no public market existed for the company's stock.

Following the IPO, Fervo will maintain a dual-class share structure with Class A and Class B common stock. Class A shares carry one vote per share, while Class B shares hold 40 votes per share and can convert to Class A shares under certain conditions.

Tim Latimer, chief executive officer and board chair, and Jack Norbeck, chief technical officer, will own all outstanding Class B shares after the offering. The two executives will collectively own approximately 2.89% of outstanding capital stock while controlling roughly 54.37% of voting power, assuming no exercise of underwriter over-allotment options and no purchases through the reserved share program.

This voting control structure means Latimer and Norbeck may significantly influence shareholder matters including director elections and potential change of control transactions.

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