Legence, the Blackstone-backed engineering and sustainability solutions platform, has filed for an initial public offering in the US, positioning itself for a potential September listing, according to a report by Bloomberg citing a SEC filing submitted Friday.
The San Jose-based firm reported $1.1bn in revenue for the first half of 2025, up from $989.6m a year earlier. Net losses widened year-on-year to $26.5m, reflecting continued investment in scaling operations and M&A activity.
Legence specialises in the engineering, installation, and maintenance of complex building systems, with a growing presence in high-specification environments such as data centres, life sciences, and healthcare facilities.
As of 30 June, the company reported a $2.8bn backlog of awarded contracts – a 29% increase year-on-year.
The IPO would mark a partial exit for Blackstone, which will retain a controlling stake following the listing. The global private equity firm originally acquired the business in 2020, when it operated under the name Therma Holdings.
Since then, Legence has expanded via a targeted acquisition strategy, integrating several specialist engineering firms including P2S, OCI Associates, and AO Reed & Co.
Blackstone had previously explored strategic options for the business, including a sale or public offering that could value Legence at up to $5bn including debt, according to earlier reports.
The IPO is being led by Goldman Sachs and Jefferies, with the company set to list on the Nasdaq under the ticker symbol LGN.
