Fervo Energy Company (NASDAQ:FRVO) shares fell in Thursday’s premarket session.
IPO Size Expanded Ahead Of Nasdaq Debut
The Houston-based geothermal energy company said Tuesday it priced 70 million shares of Class A common stock in its IPO, raising the offering from the originally proposed 55.6 million shares. The deal also includes a 30-day option for underwriters to purchase up to an additional 10.5 million shares.
The shares began trading on the Nasdaq on May 13 under the ticker symbol “FRVO.” The offering is expected to close May 14, subject to customary closing conditions.
The offering was led by J.P. Morgan, BofA Securities, RBC Capital Markets and Barclays as joint lead bookrunning managers.
Additional bookrunning managers included Baird, BBVA, Guggenheim Securities, MUFG, Société Générale, William Blair, Piper Sandler and Wolfe | Nomura Alliance.
SEC Filing And Offering Details
The company said the offering is being made only through a prospectus filed with the U.S. Securities and Exchange Commission. The registration statement related to the securities became effective May 12.
Fervo said the release “does not constitute an offer to sell or the solicitation of an offer to buy these securities,” adding that any sales will comply with the registration requirements of the Securities Act of 1933.
Geothermal Energy Expansion Strategy
Fervo Energy develops enhanced geothermal systems designed to provide around-the-clock carbon-free electricity. The company combines horizontal drilling, fiber-optic sensing and reservoir engineering technologies to build utility-scale geothermal power systems.
The company said it aims to make geothermal energy more scalable, reliable and cost-competitive as demand grows for clean energy infrastructure.
FRVO Stock Price Activity: Fervo Energy shares were down 2.63% at $35.58 during premarket trading on Thursday, according to Benzinga Pro data.
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