Fervo Energy shares soar 33% in Nasdaq debut

Investing.com -- Fervo Energy shares opened at $36 on Wednesday in its Nasdaq debut, marking a 33% increase above the company's IPO price of $27 per share.

The Houston-based geothermal energy developer raised $1.89 billion in its upsized offering, pricing 70 million shares of Class A common stock at $27 per share. The company increased the size of its IPO from an originally planned 55.6 million shares to 70 million shares.

The final pricing exceeded Fervo's $25 to $26 range, which had already been raised from an earlier $21 to $24 range.

Shares are trading under the ticker FRVO.

JPMorgan Chase & Co., Bank of America Corp., Royal Bank of Canada and Barclays Plc served as main underwriters in the offering.

Bloomberg reported Wednesday that the IPO attracted orders for approximately 15 times the number of shares available.

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