Legence, the Blackstone-owned engineering and building services provider, has filed for a US initial public offering (IPO) targeting a valuation of up to $2.95bn, as the post-summer pipeline of new listings begins to build momentum, according to a report by Bloomberg.
The San Jose-based group is looking to raise as much as $754m through the sale of 26 million shares, priced between $25 and $29 each. Shares will trade on the Nasdaq under the ticker symbol LGN. Goldman Sachs and Jefferies are acting as lead underwriters.
Blackstone acquired Legence – then known as Therma Holdings – from Gemspring Capital in 2020 and has since pursued a buy-and-build strategy, adding bolt-on acquisitions including AO Reed, OCI Associates and P2S.
Founded over a century ago, Legence specialises in the design, installation and maintenance of HVAC, energy efficiency and sustainability systems. The firm is positioned in high-growth markets with technically demanding infrastructure needs, such as data centres and life sciences.
Legence reported a $2.8bn backlog and awarded contracts as of 30 June. Around 40% of its 2024 project pipeline for new builds was tied to data centres, reflecting surging investment in infrastructure to support AI adoption.
The IPO marks part of a broader push by Blackstone to crystallise value across its portfolio. The alternative asset manager is preparing more companies for public listings than at any time since the record-breaking IPO year of 2021.
