---
title: "Blackstone \"nurtures\" engineering giant Legence IPO priced at $28 per share, landing on Nasdaq tonight"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/257088398.md"
description: "Engineering and maintenance service provider Legence will be listed on NASDAQ tonight, with an offering price of $28 per share, planning to issue 26 million shares, raising a total of $728 million, and achieving a market capitalization of $2.9 billion. Legence focuses on the high-tech construction sector, with clients covering over 60% of the companies in the NASDAQ 100 Index. This IPO is co-underwritten by 19 institutions, and Legence's future growth will depend on its merger and acquisition integration capabilities and the speed of data center order fulfillment"
datetime: "2025-09-12T11:07:16.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/257088398.md)
  - [en](https://longbridge.com/en/news/257088398.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/257088398.md)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/257088398.md) | [English](https://longbridge.com/en/news/257088398.md)


# Blackstone "nurtures" engineering giant Legence IPO priced at $28 per share, landing on Nasdaq tonight

According to Zhitong Finance APP, engineering and maintenance service provider Legence (LGN.US) will officially land on NASDAQ tonight, issuing 26 million shares at a price of $28 per share, raising a total of $728 million, slightly above the midpoint of the issuance price range of $25 to $29. Based on this issuance price, the company headquartered in San Jose, California will have a market value of $2.9 billion.

Legence focuses on the high-tech requirements of the high-growth construction sector, with business covering technology (especially data centers), life sciences, healthcare, and education. Its client base includes over 60% of the companies in the NASDAQ 100 index. The company has a history of over a hundred years, with core businesses including the design and installation of HVAC systems and solutions to enhance building energy efficiency and sustainability. This IPO is co-managed by 19 institutions, including Goldman Sachs, Jefferies, Bank of America Securities, Barclays, and Morgan Stanley.

In terms of finances, for the 12 months ending June 30, 2025, the company achieved revenue of $2.2 billion; meanwhile, the total amount of uncompleted orders and awarded contracts reached $2.8 billion. Notably, Blackstone Group acquired Legence (then known as Therma Holdings) from private equity firm Gemspring Capital in 2020 and transformed it from a regional HVAC contractor into a national energy service platform through acquisitions of smaller competitors such as A.O. Reed, OCI Associates, and P2S, achieving a doubling of its valuation.

This IPO coincides with favorable policies for energy efficiency in U.S. construction and AI infrastructure investment. As an "ESG concept stock," Legence has also become a rare target to share in the decarbonization of the North American construction industry and the expansion of data centers worth hundreds of billions. Whether the company can maintain a compound growth rate of over 15% in the next three years will depend on its acquisition integration capabilities and the actual implementation speed of data center orders, which will also become a focus for secondary market investors

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