SOLV Energy completes $589 million IPO on NASDAQ

SOLV Energy Inc. (NASDAQ: MWH) completed its initial public offering, raising approximately $589 million through the sale of 23.575 million shares at $25 per share, according to a company statement.

The offering included 3.075 million additional shares from the underwriters' full exercise of their over-allotment option. All shares were offered by the company, with trading beginning February 11 on the NASDAQ Global Select Market under the ticker symbol "MWH."

The San Diego-based company provides infrastructure services to the power industry, including engineering, procurement, construction, testing, commissioning, operations and maintenance. SOLV Energy states it has built more than 500 power plants representing 20 GW of generating capacity since 2008, and provides operations and maintenance services to 146 operating power plants representing over 18 GW of generating capacity.

Jefferies and J.P. Morgan served as joint lead book-running managers for the offering. KeyBanc Capital Markets, TD Cowen, UBS Investment Bank, Baird, Evercore ISI, Guggenheim Securities, Wolfe | Nomura Alliance, CIBC Capital Markets and Roth Capital Partners acted as bookrunners. Academy Securities served as co-manager.

The Securities and Exchange Commission declared the company's registration statement on Form S-1 effective January 30. The offering was conducted through a prospectus, with copies available through the SEC's EDGAR system.

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