SOLV Energy fetches $6 billion valuation in strong Nasdaq debut
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SOLV Energy debuted on Nasdaq with a 20% share price increase, achieving a valuation of $5.98 billion. The company raised $512.5 million by selling 20.5 million shares at an IPO price of $25. The strong market conditions, aided by U.S. Federal Reserve rate cuts, have revitalized IPO activity. SOLV Energy, which specializes in solar and battery storage services, has a backlog of $8 billion and aims to become debt-free post-IPO. Jefferies and J.P. Morgan managed the offering.
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