Fervo Energy upsizes IPO to 70 million shares at $25-$26 each

Fervo Energy announced it has increased its proposed initial public offering to 70 million shares of Class A common stock, up from an originally planned 55.6 million shares. The Houston-based geothermal energy company set an expected IPO price range of $25.00 to $26.00 per share, higher than the previously anticipated $21.00 to $24.00 range.

The company plans to grant underwriters a 30-day option to purchase up to an additional 10.5 million shares. Fervo has applied to list its Class A common stock on the Nasdaq under the ticker symbol "FRVO," subject to official notice of issuance.

J.P. Morgan, BofA Securities, RBC Capital Markets, and Barclays are serving as joint lead bookrunning managers for the offering. Additional bookrunning managers include Baird, BBVA, Guggenheim Securities, MUFG, Societe Generale, William Blair, Piper Sandler, and Wolfe | Nomura Alliance.

The company has filed a registration statement with the U.S. Securities and Exchange Commission, though it has not yet become effective. The securities cannot be sold until the registration statement becomes effective.

Fervo Energy develops enhanced geothermal systems for utility-scale power generation. The company combines horizontal drilling, fiber-optic sensing, and advanced reservoir engineering techniques in its approach to geothermal energy production.

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