Power Firm Solv Climbs 23% in Debut After $513 Million IPO

MarketsGiftGiftGift this articleAdd us on GoogleContact us:Provide news feedback or report an errorConfidential tip?Send a tip to our reportersSite feedback:Take our SurveyNew WindowGiftBy Monique MulimaFebruary 11, 2026 at 11:49 PM GMT+5:30Updated on February 12, 2026 at 2:37 AM GMT+5:30BookmarkSaveTranslateListen2:17Takeaways by Bloomberg AIHideChevron UpSolv Energy Inc. shares soared above their IPO price after the company raised $512.5 million in a US initial public offering.The firm works in engineering, procurement, construction, operations and maintenance in the energy sector and specializes in solar and battery storage.The IPO comes as demand for energy storage has been rising in the US, with technology companies seeking huge amounts of power for data centers for artificial intelligence and high-performance computing.Solv Energy Inc. shares soared 23% above their IPO price, after the energy infrastructure services company raised $512.5 million in a US initial public offering.Shares of the San Diego-based firm closed at $30.67 on Wednesday in New York, versus an IPO price of $25 apiece. The listing priced at the top end of the marketed range. It was 10 timesBloomberg Terminal oversubscribed, people familiar with the matter said earlier.The trading gives Solv a market value of about $6.1 billion based on the outstanding shares listed in its filings.The firm works in engineering, procurement, construction, operations and maintenance in the energy sector and specializes in solar and battery storage. Solv was previously a subsidiary of Swinerton Builders before it was acquired by private equity firm American Securities in 2021. American Securities expected to have 75% of the voting power in the company after the IPO, the filing shows.The IPO comes as demand for energy storage has been rising in the US, with technology companies seeking huge amounts of power for data centers for artificial intelligence and high-performance computing.“Data center demand doesn’t look like it’s slowing down anytime soon,” according to Chief Executive Officer George Hershman. “Even if the projections were down from 28% or 25%, there’s still a massive amount of market.”Though Solv expects to see most growth coming from data centers, it also sees opportunities in the onshoring of US manufacturing, Hershman said in an interview. The firm provides operations and maintenance services for 146 power plants in North America. Read More: Big Tech to Spend $650 Billion This Year as AI Race IntensifiesRead more on IPOs: For the latest news on equity capital markets activity in the US, Canada and Latin America, follow the channel or visit NI BFWECMUS. To subscribe to ECM Watch, Bloomberg’s daily roundup of news from around the region, click here. Solv had net income of $114 million on revenue of $1.7 billion for the first nine months of 2025, compared with net income of about $139,000 on revenue of $1.4 billion a year prior, the filing shows. The firm had a backlog worth about $6.7 billion as of Sept. 30.The IPO was led by Jefferies Financial Group Inc. and JPMorgan Chase & Co. Solv shares trade on the Nasdaq Global Select Market under the symbol MWH.(Updates with closing share price in first two paragraphs.)LinkCopy LinkFollow all new stories by Monique MulimaPlus FollowingPlus Get AlertsPlus Get AlertsXGiftBookmarkSaveContact us:Provide news feedback or report an errorSite feedback:Take our SurveyNew WindowConfidential tip?Send a tip to our reportersBefore it's here, it's on the Bloomberg TerminalBloomberg Terminal LEARN MOREBefore it's here, it's on the Bloomberg TerminalBloomberg Terminal LEARN MORE