The geothermal energy firm priced 70M shares above initial targets, marking one of the largest clean energy IPOs this year.
Fervo Energy priced its initial public offering at $27.00 per share, raising $1.89 billion in gross proceeds. The company increased the offering to 70 million shares of Class A common stock, exceeding earlier expectations.
The IPO size reflects strong investor demand amid growing interest in renewable energy sectors. Prior to pricing, market consensus anticipated a smaller raise, but the final amount positions Fervo as a major player in geothermal energy financing.
Shares are expected to begin trading on the New York Stock Exchange under the ticker FRVO, with proceeds earmarked for expansion and technology development.