Legence, which provides services for mission-critical systems in technically demanding buildings, raised $728 million by offering 26 million shares at $28, slightly above the midpoint of the range of $25 to $29. At the pricing, the San Jose, CA-based company commands a market value of $2.9 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 (particularly data centers), life sciences, healthcare, and education, and counts more than 60% of Nasdaq-100 constituents as clients.
Legence 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 acted as joint bookrunners on the deal.
