Blackstone portfolio company Legence is seeking a valuation of up to $2.95bn through an initial public offering on the Nasdaq, according to sources cited by Reuters.

The engineering and maintenance services group plans to raise as much as $754m by offering 26 million shares priced between $25 and $29 each.

The San Jose-based company, formerly known as Therma Holdings, was acquired by Blackstone from Gemspring Capital in 2020. Founded more than a century ago, Legence specialises in designing and installing building systems, including heating, ventilation, air conditioning, and energy efficiency solutions.

Under Blackstone’s ownership, Legence has pursued a series of add-on acquisitions, including A.O. Reed, OCI Associates, and P2S, strengthening its capabilities in sustainability and technical services. 

As of June 30, the company reported a $2.8bn backlog of awarded contracts, with data centres representing nearly 40% of its pipeline. The surge in AI-driven infrastructure investment has significantly boosted demand for its services.

The IPO highlights Blackstone’s broader push to bring more portfolio companies to public markets, marking its busiest period for listings since the record year of 2021.

Goldman Sachs and Jefferies are acting as lead underwriters, with Legence expected to begin trading under the symbol “LGN.”

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