Blackstone-Backed Legence Stock Makes A Weak Nasdaq Debut
Synopsis
The Blackstone-backed engineering and maintenance services provider raised $728 million through the IPO, with 26 million shares on offer.
Legence Corp.’s (LGN) shares made a weak debut on Nasdaq on Friday, with the company’s shares listing at $27 apiece.
At the time of writing, Legence’s shares were hovering at $27.16 or 3% lower compared to the issue price of $28.
The Blackstone Inc.-backed (BX) engineering and maintenance services provider raised $728 million through the initial public offering (IPO), with 26 million shares on offer.
Blackstone acquired Legence in 2020, then named Therma Holdings, from private equity firm Gemspring Capital.
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