The second largest U.S. CECEP Solar Energy contractor SOLV Energy (MWH.US) plans to price its IPO at $22-25 per share, aiming to raise $482 million.

SOLV Energy, which provides construction services for CECEP Solar Energy and battery storage projects, announced its IPO terms last Friday. The company plans to offer 20.5 million shares at an issue price range of $22 to $25, raising $482 million. Based on the midpoint of the proposed price range, SOLV Energy's market value will reach $4.7 billion, with an enterprise value of $4.6 billion (equivalent to 2.1 times the revenue of the past 12 months and 15.6 times EBITDA). Formerly known as Swinerton Renewable Energy, SOLV Energy was acquired by American Securities in 2021 and underwent a name change. It is a leading infrastructure service provider in the power industry, offering services such as engineering, procurement, construction, testing, commissioning, operations, maintenance, and re-powering. SOLV focuses on large utility-scale CECEP Solar Energy and battery storage projects with capacities of 200 MWdc and above, as well as related transmission and distribution infrastructure. Since its inception in 2008, the company has built over 500 power plants with a total installed capacity of 20 GWdc. Currently, it provides operations and maintenance services to 146 operating power plants under long-term agreements. Based on 2024 revenue, the company considers itself the second-largest CECEP Solar Energy contractor in the U.S., as well as the seventh-largest contractor in the power industry overall. In the first nine months ending on September 30, 2025, the company's revenue grew by 21% to $1.7 billion. The gross profit margin increased by 625 basis points to 19%. Adjusted EBITDA grew by 115% to $241.3 million, and the adjusted EBITDA profit margin increased by 625 basis points to 14%. The primary shareholder is American Securities, which will hold 75% of the shares after the IPO. Established in 2008, SOLV Energy recorded sales of $2.1 billion in the 12 months ending on September 30, 2025. The company plans to list on the Nasdaq under the ticker symbol MWH. Jefferies, J.P. Morgan, KeyBanc Capital Markets, TD Securities, UBS Investment Bank, Baird, Evercore ISI, Guggenheim Securities, Nomura Securities, WR Securities, CIBC World Markets, Roth Capital, and Academy Securities are serving as joint bookrunners for this transaction.