Blackstone is moving ahead with a public listing of Legence Corp., its engineering and infrastructure portfolio company, positioning the firm for a potential upswing in US IPO activity this September, according to Bloomberg.

Legence, based in San Jose, has filed with the SEC to list on the Nasdaq under the ticker symbol “LGN”. The company reported a $26.5m net loss on $1.1bn in revenue for the first six months of 2025, compared with a $8.8m loss on $989.6m in revenue a year earlier.

Despite the broader market volatility, Legence has expanded aggressively under Blackstone’s ownership, completing several acquisitions including P2S, OCI Associates, and AO Reed & Co. The company focuses on engineering, installation, and maintenance services for complex building systems, particularly in sectors like data centres.

As of June 30, Legence held $2.8bn in backlog and awarded contracts, marking a 29% increase from the prior year.

Blackstone acquired the company, then known as Therma Holdings, in 2020 and will retain its controlling interest following the IPO. Last year, the private equity giant reportedly evaluated a full or partial sale of Legence at a valuation of up to $5bn including debt.

Goldman Sachs and Jefferies are leading the offering.

This IPO underscores Blackstone’s continued drive to monetise mature infrastructure assets amid a revival in equity capital markets activity.

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