Blackstone-backed Legence raised $728 million in its first initial public offering in the United States.

Engineering and maintenance service provider Legence raised $728 million in its initial public offering in the United States on Thursday, becoming one of many companies seeking to go public amid high investor enthusiasm. Based in San Jose, California, the company sold 26 million shares at a price of $28 each, within the market range of $25 to $29 per share. This values Legence at $2.85 billion. Blackstone acquired Legence in 2020 from private equity firm Gemspring Capital, when it was known as Therma Holdings. Under Blackstone's ownership, Legence has acquired some smaller competitors, including A.O. Reed, OCI Associates, and P2S.