ERock Inc. has launched the investor roadshow for its planned initial public offering, signaling its intent to list on the New York Stock Exchange under the ticker symbol "EROC." The company is marketing 27,906,977 shares of Class A common stock with an expected price range of $20.00 to $23.00 per share.
In connection with the offering, ERock has granted the underwriting syndicate a 30-day option to acquire up to an additional 4,186,046 shares to cover potential over-allotments. The firm characterizes itself as a provider of large-scale onsite power solutions.
Underwriting leadership for the deal is being shared by Morgan Stanley and J.P. Morgan, which are named as joint lead bookrunning managers. Barclays and BofA Securities are listed as joint bookrunning managers, while Evercore ISI, Guggenheim Securities, Wolfe | Nomura Alliance and BNP Paribas are acting as bookrunners.
The company has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission. That filing has not yet become effective; accordingly, ERock notes that no securities may be sold until the registration statement achieves effectiveness.
The transaction will be conducted through a prospectus. Preliminary copies of the prospectus are expected to be made available through the lead underwriters, per the company’s statement.
Context and mechanics of the offering
The centerpiece of the offering is the base allotment of 27,906,977 Class A common shares, with the underwriters able to exercise a 30-day option to increase the total by up to 4,186,046 additional shares. The range of $20.00 to $23.00 per share is presented as the expected pricing band for the offering; final pricing will be determined closer to the completion of the registration process.
Distribution responsibilities are divided among a multi-bank syndicate, with Morgan Stanley and J.P. Morgan taking primary leadership roles in bookrunning. Several other global and regional firms are participating as bookrunners to support placement of the shares.
Regulatory status and next steps
ERock’s registration statement remains pending with the SEC and has not yet become effective. The company has emphasized that sales cannot occur until the registration statement is effective and the prospectus process is complete. Preliminary prospectus materials will be available through the lead underwriters during the marketing period.