Hytech Engineers files DRHP

Hytech Engineers files DRHP

Hytech Engineers, a prominent provider of engineering and maintenance services, has filed its Draft Red Herring Prospectus (DRHP) in preparation for a potential Initial Public Offering (IPO). The filing, submitted to the U.S. Securities and Exchange Commission, outlines the company's plans to raise funds through the sale of shares.

According to the DRHP, Hytech Engineers is offering 26 million shares at a price range of $25 to $29 per share, aiming for a market capitalization of around $3 billion. The company expects net proceeds of $636.9 million to $717.5 million from the IPO, with over 103.6 million shares outstanding after the offering. Blackstone, the company's major shareholder, will retain approximately 74% of the voting power post-IPO [1].

Hytech Engineers provides engineering, installation, and maintenance services for HVAC, plumbing, and other building systems, with a focus on high-growth sectors such as data centers. The company has reported a net loss of $26.5 million on revenue of $1.1 billion in the first half of 2025, compared to a net loss of nearly $8.8 million on revenue of $989.6 million in the same period a year earlier [1].

The company's backlog of awarded contracts stood at $2.8 billion as of June 30, 2025, representing a 29% increase compared to the year prior. This growth is attributed to strategic acquisitions, including P2S, OCI Associates, and AO Reed & Co., which have helped expand Hytech Engineers' service offerings and market reach.

The IPO is expected to price on September 11, 2025, with the company planning for its shares to trade on the Nasdaq Stock Market under the symbol LGN. Goldman Sachs Group Inc. and Jefferies Financial Group Inc. are leading the offering [1].

References:
[1] https://www.bloomberg.com/news/articles/2025-09-02/blackstone-backed-hvac-firm-legence-seeks-754-million-in-us-ipo