Legence closes $825 million IPO on NASDAQ

Legence Corp. completed its initial public offering, raising approximately $780.2 million after closing the sale of 26 million shares at $28 per share on the Nasdaq Global Select Market under ticker symbol LGN.

The San Jose-based company began trading on September 12. Underwriters partially exercised their overallotment option, purchasing an additional 3.49 million shares, bringing the total offering size to approximately $825 million in gross proceeds.

Goldman Sachs and Jefferies served as joint lead book-running managers for the offering. Additional bookrunners included BofA Securities, Barclays, Morgan Stanley, RBC Capital Markets, and others.

Legence plans to use the net proceeds to repay a portion of outstanding borrowings under its term loan credit facility and for general corporate purposes, according to the company's statement.

The company provides engineering, consulting, installation, and maintenance services for mission-critical building systems. Legence specializes in HVAC, process piping, and other mechanical, electrical and plumbing systems, serving clients that include over 60% of companies in the Nasdaq-100 Index.

The Securities and Exchange Commission declared the company's Form S-1 registration statement effective for the offering, which was conducted through a prospectus meeting Securities Act requirements.

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