SOLV Energy, Inc. completed its initial public offering of 23,575,000 shares of Class A common stock at $25.00 per share, raising capital for the company. Concurrently, the company entered into a $200 million revolving credit facility and executed several material agreements related to its corporate structure and governance.
Key takeaways
SOLV Energy completed its IPO of 23,575,000 shares of Class A common stock at $25.00 per share, with the underwriters exercising their full option to purchase 3,075,000 additional shares.
The company entered into a $200 million revolving credit facility with KeyBank National Association as administrative agent, maturing on February 12, 2031, with interest rates based on base rate plus 50-125 bps or Term SOFR plus 150-225 bps.
In connection with the IPO, the company issued 91,773,571 shares of Class A Common Stock to existing stockholders and 87,141,865 shares of Class B common stock to existing holders of Opco's LLC interests.
The company appointed J. Adam Abram, William Jackson, Steven Lerner, Daniel McQuade, David Portnoy, Nancy Stefanowicz, and Laura Stern to its board of directors effective February 10, 2026.
SOLV Energy's authorized capital stock consists of 1,250,000,000 shares of Class A Common Stock, 100,000,000 shares of Class B Common Stock, and 20,000,000 shares of preferred stock.
The company entered into several material agreements including an Underwriting Agreement, Tax Receivable Agreement, Registration Rights Agreement, and Amended and Restated SOLV Energy Holdings LLC Agreement.