Legence Plans IPO with $3 Billion Market Cap, Blackstone to Retain 74% Voting Power

Legence, a Blackstone-owned provider of engineering and maintenance services, plans to sell 26 million shares at $25-$29 per share in an IPO, aiming for a market capitalization of around $3 billion. The company expects net proceeds of $636.9 million to $717.5 million and will have over 103.6 million shares outstanding after the IPO. Blackstone will still hold about 74% of Legence's voting power.

Legence Corp., a Blackstone Inc.-backed engineering company, has filed to raise up to $754 million in its U.S. initial public offering (IPO). The company is offering 26 million shares at a price range of $25 to $29 per share, according to a filing with the U.S. Securities and Exchange Commission [1].

At the top of the price range, Legence would have a market value of approximately $2.9 billion, based on the outstanding shares listed in the filing. The company provides engineering, installation, and maintenance services for HVAC, plumbing, and other building systems, with a focus on high-growth sectors such as data centers [1].

The IPO is expected to price on September 11, 2025, and the company plans 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].

Legence reported a net loss of $26.5 million on revenue of $1.1 billion in the first six months 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 had $2.8 billion of backlog and awarded contracts as of June 30, 2025, representing a 29% increase compared to the year prior [1].

Blackstone, which acquired Legence in 2020, will control about 74% of the voting power after the IPO. The company has grown through acquisitions, including P2S, OCI Associates, and AO Reed & Co. [1].

References:
[1] https://www.bloomberg.com/news/articles/2025-09-02/blackstone-backed-hvac-firm-legence-seeks-754-million-in-us-ipo
[2] https://www.business-standard.com/markets/news/vikran-engineering-ipo-booked-4x-on-day-2-niis-lead-demand-gmp-down-at-9-125082800557_1.html
[3] https://www.reuters.com/business/blackstone-backed-legence-targets-nearly-3-billion-valuation-us-ipo-2025-09-02/