Legence Announces Closing of Initial Public Offering and Partial Exercise of Overallotment Option
Rhea-AI Summary
Legence (NASDAQ:LGN) has successfully completed its Initial Public Offering (IPO), selling 26,000,000 shares of Class A common stock at $28.00 per share. The underwriters also partially exercised their option to purchase an additional 3,487,627 shares.
The company began trading on the Nasdaq Global Select Market on September 12, 2025, raising net proceeds of approximately $780.2 million after deducting underwriting discounts and commissions. The funds will be used to repay a portion of outstanding term loan borrowings and for general corporate purposes.
The IPO was led by Goldman Sachs and Jefferies as joint lead book-running managers, with several other prominent financial institutions serving as bookrunners and co-managers.
Positive
- Successful IPO raising substantial net proceeds of $780.2 million
- Strong underwriter support with multiple top-tier investment banks
- Strategic use of proceeds to reduce debt through term loan repayment
Negative
- Significant debt level requiring immediate use of IPO proceeds for loan repayment
News Market Reaction 21 Alerts
On the day this news was published, LGN gained 0.16%, reflecting a mild positive market reaction. Argus tracked a peak move of +18.2% during that session. Our momentum scanner triggered 21 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $6M to the company's valuation, bringing the market cap to $3.49B at that time.
Data tracked by StockTitan Argus on the day of publication.
SAN JOSE, Calif., Sept. 15, 2025 (GLOBE NEWSWIRE) -- Legence Corp. (“Legence”) announced today the closing of its initial public offering (the “offering”) of 26,000,000 shares of its Class A common stock (the “Common Stock”) at a price to the public of
Legence received net proceeds of approximately
Goldman Sachs & Co. LLC and Jefferies acted as joint lead book-running managers for the offering. BofA Securities, Barclays, Morgan Stanley, RBC Capital Markets, SOCIETE GENERALE, BMO Capital Markets, Cantor, Guggenheim Securities, Wolfe | Nomura Alliance, MUFG, Roth Capital Partners, Santander, Stifel, TD Cowen, BTIG and Rothschild & Co acted as bookrunners, and Blackstone Capital Markets, Drexel Hamilton, Loop Capital Markets, Penserra Securities LLC, Tigress Financial Partners, C.L. King & Associates and Independence Point Securities acted as co-managers for the offering.
A registration statement on Form S-1 relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission (the “SEC”). The offering was made only by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. Copies of the final prospectus, when available, may be obtained from: Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at 1-866-471-2526, or by email at prospectus-ny@ny.email.gs.com; and Jefferies LLC, Attn: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at 1-877-821-7388, or by email at prospectus_department@jefferies.com.
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
About Legence
Legence is a leading provider of engineering, consulting, installation, and maintenance services for mission-critical systems in buildings. The company specializes in designing, fabricating, and installing complex HVAC, process piping, and other mechanical, electrical and plumbing (MEP) systems—enhancing energy efficiency, reliability, and sustainability in new and existing facilities. Legence also delivers long-term performance through strategic upgrades and holistic solutions. Serving some of the world’s most technically demanding sectors, Legence counts over
Forward Looking Statements
Certain statements contained in this press release constitute “forward-looking statements”. Words such as "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future," "will," "seek," "foreseeable," the negative version of these words, or similar terms and phrases are intended to identify forward-looking statements. These statements are not historical facts but rather are based on the company’s current expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved, and they are subject to risks, uncertainties and other factors, many of which are outside of the company’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements, including those described in the registration statement filed with the SEC. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the final prospectus filed with the SEC in connection with the company’s initial public offering. You are cautioned not to place undue reliance on these forward looking statements.
Contact
Media: media@wearelegence.com
Investor Relations: ir@wearelegence.com
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