Fervo Energy IPO oversubscribed ahead of Tuesday pricing

Investing.com -- Fervo Energy Co.'s initial public offering is more than ten times oversubscribed ahead of pricing on Tuesday, according to a Bloomberg report.

The geothermal energy developer's management will reportedly prioritize existing relationships when allocating shares. Investors are being told to manage expectations.

The shares are scheduled to begin trading on the Nasdaq on Wednesday under the ticker FRVO.

On Monday, the Houston, Texas-based company announced it is targeting a valuation of up to $7.37 billion in its upsized offering. Fervo Energy is now offering 70 million shares priced between $25 and $26 each. The company previously planned to offer 55.6 million shares priced between $21 and $24 per share.

JPMorgan Chase & Co., Bank of America Corp., Royal Bank of Canada and Barclays Plc are among the banks working on the offering.

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