Legence, which provides services for mission-critical systems in technically demanding buildings, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise $600 million.
Legence provides engineering, installation, and maintenance services for mission-critical systems in buildings. The company specializes in designing, fabricating, and installing complex HVAC, process piping, and other mechanical, electrical, and plumbing systems for new facilities, and upgrading HVAC, lighting, and building controls in existing facilities. Legence focuses on high-growth sectors that have technically demanding buildings, such as technology, life sciences, healthcare, and education, and counts more than 60% of Nasdaq-100 constituents as clients.
The San Jose, CA-based company was founded in 1963 and booked $2.2 billion in revenue for the 12 months ended June 30, 2025. It plans to list on the Nasdaq under the symbol LGN. Legence filed confidentially on February 14, 2025. Goldman Sachs, Jefferies, BofA Securities, Barclays, Morgan Stanley, RBC Capital Markets, Societe Generale, BMO Capital Markets, Cantor Fitzgerald, Guggenheim Securities, WR Securities, Nomura Securities, MUFG Securities America, Roth Capital, Santander, Stifel, TD Cowen, BTIG, and Rothschild are the joint bookrunners on the deal. No pricing terms were disclosed.
