The IPO Buzz: Legence (LGN) Prices IPO at $28 – $1 Below Top of Range

Legence (LGN), an HVAC, lighting and building controls contractor for technically advanced buildings, priced its IPO at $28.00 – $1.00 below the top of its $25.00-to-$29.00 range – and sold 26 million shares to raise $728 million on Thursday night, Sept. 11, 2025.

Goldman Sachs, Jefferies and BofA Securities led the joint book-running team.

Barclays, Morgan Stanley, RBC Capital Markets, Societe Generale, BMO Capital Markets, Cantor, Guggenheim Securities, WR Securities/Nomura Securities Alliance, MUFG Securities America, Roth Capital, Santander, Stifel, TD  Cowen, BTIG Securities and Rothschild were also on the joint book-running team, according to the cover of the prospectus.

Blackstone Capital Markets led the list of seven co-managers whose names appeared on the cover of the prospectus.

Blackstone also disclosed a conflict of interest in the prospectus.

After the IPO, a group of investment funds managed by Blackstone will own about 74 percent of the combined voting power of Legence’s Class A and Class B common stock.

Legence, based in San Jose, California, is a leading provider of engineering, installation and maintenance services for mission-critical buildings, according to the prospectus.

“We focus on high-growth sectors that have technically demanding buildings, including technology, life sciences, healthcare and education. We count more than 60 percent of the companies in the Nasdaq-100 Index as clients,” Legence said in the prospectus.

Legence is not profitable: The company reported a net loss of $41.83 million on revenue of $2.21 billion for the 12 months that ended June 30, 2025, according to financial statements in the prospectus.

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Source: https://www.iposcoop.com/the-ipo-buzz-legence-lgn-prices-ipo-at-28-1-below-top-of-range/