Fervo Energy's upsized IPO draws 15 times demand ahead of debut

Investing.com -- Fervo Energy Co.'s initial public offering attracted orders for approximately 15 times the number of shares available, Bloomberg reported Wednesday.

The Houston-based geothermal energy developer raised $1.89 billion in its upsized IPO, pricing 70 million shares of Class A common stock at $27 per share. The final pricing exceeded the company's $25 to $26 range, which had already been raised from an earlier $21 to $24 range. Fervo also increased the size of its IPO from an originally planned 55.6 million shares to 70 million shares.

The offering drew interest from long-only and sector-dedicated investors, according to Bloomberg. Management was heavily involved in the share allocation process.

Shares are set to begin trading on Nasdaq Wednesday under the ticker symbol FRVO. Early Wednesday, shares were indicated to open as high as $35, far above the $27 pricing.

JPMorgan Chase & Co., Bank of America Corp., Royal Bank of Canada and Barclays Plc worked on the offering.

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