Legence, which provides services for mission-critical systems in technically demanding buildings, announced terms for its IPO on Tuesday.
The San Jose, CA-based company plans to raise $702 million by offering 26 million shares at a price range of $25 to $29. At the midpoint of the proposed range, Legence would command a market value of $2.7 billion.
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.
Legence 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. 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. It is expected to price the week of September 8, 2025.
