SOLV Energy targets $5 billion valuation in US IPO

Jan 30 (Reuters) - Solar and battery storage firm SOLV Energy said on Friday it is targeting a valuation of up to $4.99 billion in its initial public offering in the United States.

The San Diego, California-based company plans to raise as much as $512.5 million by offering 20.5 million shares priced between $22 and $25 apiece.

IPO activity in the U.S. has bounced back after the historic U.S. government shutdown last year hindered the Securities and Exchange Commission’s operations and stifled deal flow.

Brazilian fintech firm PicPay PICS.O and York Space Systems YSS.N both went public on Thursday, drawing strong interest in early trading.

SOLV Energy provides construction, operation and maintenance services for large‑scale solar and battery storage projects.

Manufacturing and industrial issuers have drawn renewed interest in public markets, buoyed by government incentives aimed at boosting domestic production and by investors’ growing focus on supply‑chain resilience.

For 2025, SOLV Energy expects revenue of $2.46 billion to $2.50 billion, up about 33% to 35% from the prior year. Net income is estimated at $148.2 million to $155.7 million, compared with roughly $10 million in 2024.

Founded in 2008 as Swinerton Renewable Energy, the business initially operated as a division of Swinerton Builders. Private equity firm American Securities acquired the business, along with SOLV, in December 2021, and subsequently rebranded it as SOLV Energy.

SOLV Energy plans to use most of the proceeds to repay about $402 million in term loans, and use the remainder for general corporate purposes, including growth initiatives and acquisitions.

It had a total backlog of about $8.0 billion as of December 2025, driven primarily by engineering and construction contracts.

Jefferies and J.P. Morgan are the joint lead book-running managers for the offering.

SOLV Energy will list on the Nasdaq under the symbol “MWH.”