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Stock Markets February 12, 2026

SOLV Energy Raises $589 Million in NASDAQ Debut

San Diego-based infrastructure services provider lists on NASDAQ Global Select Market under ticker MWH after full over-allotment exercise

By Nina Shah MWH
SOLV Energy Raises $589 Million in NASDAQ Debut
MWH

SOLV Energy Inc. completed an initial public offering that brought in roughly $589 million, selling 23.575 million shares at $25 each. The offering included the full exercise of the underwriters' 3.075 million share over-allotment option. All shares were newly issued by the company and began trading on the NASDAQ Global Select Market under the symbol MWH.

Key Points

  • SOLV Energy completed an IPO selling 23.575 million newly issued shares at $25 each, raising approximately $589 million; the underwriters fully exercised a 3.075 million share over-allotment option.
  • All shares in the offering were issued by the company, and trading began on February 11 on the NASDAQ Global Select Market under the ticker MWH; the SEC declared the company's S-1 effective on January 30.
  • The company provides engineering, procurement, construction, testing, commissioning and operations and maintenance services to the power sector and reports building over 500 power plants (20 GW) since 2008 and servicing 146 operating plants (over 18 GW).

SOLV Energy Inc. has completed its initial public offering, issuing 23.575 million shares at a price of $25 per share and raising approximately $589 million, the company said. The total proceeds reflect the underwriters' full exercise of a 3.075 million share over-allotment option. According to the company's statement, every share included in the deal was offered by the company as newly issued stock.

Trading in the shares commenced on February 11 on the NASDAQ Global Select Market under the ticker symbol "MWH." The Securities and Exchange Commission declared SOLV Energy's registration statement on Form S-1 effective on January 30, and the offering proceeded through a prospectus filed with the SEC.

Based in San Diego, SOLV Energy provides a suite of infrastructure services to the power sector that includes engineering, procurement, construction, testing, commissioning, and ongoing operations and maintenance. The company notes it has built more than 500 power plants representing 20 GW of generating capacity since 2008, and that it currently offers operations and maintenance services to 146 operating power plants representing over 18 GW of generating capacity.

The underwriting group was led jointly by Jefferies and J.P. Morgan, who served as joint lead book-running managers. Additional bookrunners were KeyBanc Capital Markets, TD Cowen, UBS Investment Bank, Baird, Evercore ISI, Guggenheim Securities, Wolfe | Nomura Alliance, CIBC Capital Markets and Roth Capital Partners. Academy Securities participated as a co-manager for the transaction.

Context and transaction mechanics

The offering was structured as a primary issuance in which all shares were sold by the company rather than by existing shareholders. The exercise of the underwriters' over-allotment option increased the aggregate share count sold and the proceeds realized. The company's registration statement was declared effective by the SEC, and copies of the prospectus for the transaction are available through the SEC's EDGAR system.

What is included in the public disclosures

  • The exact number of shares sold and per-share price.
  • The fact that the over-allotment option was fully exercised.
  • The list of banks and broker-dealers that acted as bookrunners and co-manager.
  • Statements from the company describing its historical construction and operations footprint in megawatts and plant counts.

No forward-looking statements about the use of proceeds or future financial guidance were included in the company's announcement as presented in the public filing summary referenced here.

Risks

  • The article presents the company’s construction and operations figures as statements from SOLV Energy; it does not provide independent verification of those operational claims - this creates uncertainty for stakeholders relying solely on the announcement.
  • The public disclosures summarized in the article do not specify the intended use of the approximately $589 million in net proceeds, leaving funding-allocation plans and potential impacts on balance-sheet strategy and shareholder returns unclear.
  • The announcement does not describe post-listing market dynamics such as trading volume, longer-term demand for the shares, or how the company’s ongoing performance may affect investor returns.

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