Legence, a San Jose-based engineering and maintenance services provider backed by Blackstone, has raised $728m in its US initial public offering, pricing 26 million shares at $28 each, according to a report by Reuters.
The deal values the company at $2.85bn and comes amid renewed strength in the IPO market following Labor Day.
Legence, which has over a century of operating history, specialises in designing and installing heating, ventilation and air conditioning systems, alongside energy-efficiency and sustainability solutions for buildings. Blackstone acquired the company, then called Therma Holdings, from Gemspring Capital in 2020 and has since pursued a buy-and-build strategy, adding AO Reed, OCI Associates and P2S to the platform.
Goldman Sachs and Jefferies led the offering. Shares will begin trading Friday on Nasdaq under the ticker LGN.
