ERock, which produces and deploys natural gas power generation systems for enterprises, raised $600 million by offering 27.9 million shares (33% synthetic secondary) at $21.50, within the $20 to $23 range.
ERock is a vertically integrated distributed power company that designs, deploys, operates, and maintains modular natural gas generator systems for data centers, utilities, and large commercial and industrial customers across nine U.S. states. The company deploys its power systems in three configurations: bridge power, which provides prime power ahead of grid interconnection; backup power, which supports continuity during grid disruptions; and dispatchable power, which delivers on-demand flexible capacity for peak load management and grid stability. ERock generates revenue through a combination of upfront power system sales and installation services, and recurring operations and maintenance contracts post-commissioning.
The Houston, TX-based company will trade on the NYSE under the symbol EROC. Morgan Stanley, J.P. Morgan, Barclays, BofA Securities, Evercore ISI, Guggenheim Securities, Nomura Securities, WR Securities, and BNP Paribas acted as joint bookrunners on the deal.
