Fervo Energy said on Monday it was targeting a valuation of up to US$6.5 billion in its initial public offering in the United States.
The Houston-based energy developer also said it is aiming to raise up to $1.3 billion in the IPO by offering 55.6 million shares priced between $21 and $24 apiece.
The company uses advanced geothermal systems to generate round-the-clock, carbon-free electricity, offering a reliable alternative to weather-dependent solar and wind power.
J.P. Morgan, BofA Securities, RBC Capital Markets and Barclays are the joint lead book-running managers.
Fervo intends to list on the Nasdaq under the symbol “FRVO.”
(Reporting by Pragyan Kalita in Bengaluru; Editing by Diti Pujara)
